ING Vysya raises paid-up capital

ING Vysya Life Insurance has increased its paid-up capital by Rs 90 crore to Rs 290 crore to keep pace with the projected 100 per cent premium income growth in 2004-05.

"We have infused an additional Rs 90 crore capital in the business," Frank Koster, CEO, ING Vysya, said today. Last year, the income of the joint venture between ING Vysya and GMR group grew from Rs 45 crore to Rs 151 crore.

"We are becoming more and more confident about the Indian market. Our three businesses "" life insurance, bank and mutual fund "" are supported by tremendous growth," Koster said adding that although the Indian operations contribute less than 1 per cent of ING's global business it was becoming an important market.

The company hopes to achieve high growth by expanding the branch network to 85 in 50 cities from the from the present three and by expanding agency tie-ups and building a strong distribution network through Vysya Bank.