AMP Sanmar eyes 150% premium collection growthx

AMP Sanmar Life Insurance is aiming at a 150 per cent growth in its first premium collection this fiscal year.

"We posted around 239 per cent growth in first premium by collecting Rs 100 crore in the fiscal year ended March 31, 2005. In the current fiscal year, we are aiming at collecting Rs 250 crore as first premium," said Graham Meyer, managing director of AMP Sanmar.

He was addressing the media after inaugurating AMP Sanmar's 17th branch in Andhra Pradesh at Old Gajuwaka in Visakhapatnam.

The company is also planning to widen its branch network, increase the number of insurance advisors and also launch new products.

"As on date, we have 81 branches across the country. We plan to increase this to 102 by the end of the current fiscal year. We will be setting up seven more new branches in Andhra Pradesh, besides offering 4-5 new products to the existing 22 this fiscal year," he said.

Meyer said that most of the company's business is being generated through corporate clients. "The company sold 38,000 retail policies in 2003-04. This fiscal year, we are aiming at selling at least 1 lakh individual policies," he said.

Currently, AMP Sanmar's capital stands at Rs 217.10 crore. By the end of this fiscal year, both the joint venture companies - AMP Australia and the Chennai-based Sanmar Group - would add a fresh capital of Rs 80 crore, he added.