Aegon Religare Life Insurance looking to break-even in 2017-18

Aegon Religare Life Insurance expects break-even of its operations by 2017-18, said a top executive of the company today.
Yateesh Srivastava, Chief Operating Officer of Aegon Religare also said the company is looking to collect Rs 565 crore towards premium by the end of current fiscal. It did about Rs 447 crore business during FY 14.
"I think the profitability is a few years away. Our projected break-even is in the year 2017-18. At the moment we will be needing certain capital requirements. We are doing it as when it is required. It depends on quarter to quarter," Srivastava told a press conference.

He said as per estimates, the life insurance industry is expected to grow between 10-15 per cent next year.
Replying to a query, he said the company has launched almost all the products under new guidelines issued by Insurance Regulatory and Development Authority in 2013.
He said the projections indicate that Aegon Religare may collect Rs 565 crore towards premium during the current financial year.
"Up to end of December we have done about Rs 106 crore of new premium and Rs 210 crore of renewal premium (total Rs 316 crore). We may end up somewhere around Rs 200 crore of new business and renewal premium will be about Rs 365 crore. So total is about Rs 565 crore," the official said.

The company today announced the launch of two plans for its online platform - Aegon Religare iMaximize Insurance Plan - a unit-linked protection plan that is available as a single premium payment plan as well as a regular premium payment plan and Aegon Religare iReturn Insurance Plan - a return-of-premium term plan. Both the plans are available exclusively online.