ING Vysya Life Insurance Company Limited, a part of Dutch financial giant ING Group, has reported a 24 increase in premium income to Rs 1,442 crore in fiscal 2008-09. Total assets under management showed a growth of 32 per cent to Rs 2,600 crore compared with the previous financial year.
Kshitij Jain, managing director and CEO, ING Life, said the growth in business was mainly on account of a 66 per cent increase in renewal premium income at Rs 753 crore over the previous year. During the year, the renewal premium income crossed the income from new business and constituted about 53 per cent of the total business. In 2009-10, the company is looking at 15 per cent overall growth, he added.
“We are focusing on increasing contribution from traditional products and strengthening our product portfolio. ING Life’s share of traditional and pension products in terms of policies grew from 27 per cent in the previous year to 45 per cent in fiscal 2009,” Jain said.
He said the company was looking at further focusing on traditional products in coming years. ING Life’s paid-up share capital crossed the Rs 1,000-crore mark during 2008-09 and stands at Rs 1,150 crore.
To take care of future business growth in the current year, the company’s shareholders have infused additional capital of Rs 158 crore. An additional Rs 50 crore will be pumped in later this year, Jain said.
