ING Life reports Rs 70 cr loss in FY11

Private sector company ING Life Insurance today reported a loss of Rs 70 crore for the financial year ended March 31, 2011, halving it from the previous fiscal.

For the fourth (January-March) quarter of the FY11, the company clocked a net profit of Rs 7 crore, ING Life said in a statement.

The company is well on track to achieve its break-even plan by 2013, it said.

"Our solid results have come at a time when the industry has seen steep decline in new business. The results have been achieved because of our sharp focus on building efficiency, offering balanced product portfolio and keeping strong check on our costs," ING Life India MD & CEO Kshitij Jain said.

The company said it expects its premium income to grow by 17% to Rs 2,000 crore in the fiscal 2011-12.

"We are aiming to achieve a premium income of Rs 2,000 crore in FY12. We have invested towards strengthening our product and investment management, partner relationships. These are showing positive momentum," Jain added.

ING Life has presence in 229 cities across the country, with over 35,000 tied agents and a bancassurance partner, ING Vysya Bank.