Aviva Life targets 35% growth by next year

Aviva Life Insurance, a private sector life insurer, is targeting a growth of 35 per cent in the next financial year, Managing Director & Chief Executive Officer T R Ramachandran said On Thrusday.

Between April and December 2008, the life insurer saw a 21.6 per cent fall in its first premium income, while premium from new policy sales dropped 2 per cent during the period. The decline was attributed to the lack of demand for Ulips.

Factoring in its growth plans, Aviva will finalise its fund infusion plans by the middle of this year, he said on the sidelines of a product launch event.

“We will infuse capital this year also, but the management will take a decision on it in June or July. The capital will be infused in two tranches,” Ramachandran said.

The company, which has a capital base of Rs 1,400-crore presently, infused Rs 590 crore last year.

Aviva On Thursday launch ‘Aviva Young Scholar’ aimed at children and said it intends to offer two new products — a term product and another in micro-insurance — by the end of the current financial year.