ING Life investing Rs.240 crore on expansion

Bangalore, July 1 (IANS) ING Life India is investing Rs.240 crore on its expansion plans in fiscal 2010-11, the Netherlands-based financial behemoth said Thursday.

‘The additional capital will be utilised to expand our distribution network, improve productivity and efficiencies,’ ING Insurance chief operation officer Tom McInerney told reporters here.

With the latest infusion, the cumulative or total capital invested since ING Vysya Life Insurance Company Ltd began operations in India in 2001 will be Rs.1,467 crore.

The company’s five-year expansion plan includes growing its business by five times and customer base to five million from over one million.

The company collected premium of Rs.1,643 crore in fiscal 2009-10 and manages Rs.4,500 crore.

With a cumulative average growth rate (CAGR) of 40 percent in premium income over the last five years, its asset under management achieved 66 percent CAGR in the same period.

The company has presence in 232 cities across the country with about 55,000 advisors and 6,500 employees. ING Vysya Bank is its bancassurance.

‘We see our Asia-Pacific businesses leading the growth in insurance worldwide. Within Asia-Pacific, India is uniquely placed to be a frontrunner in this growth due to the huge opportunity its burgeoning economy offers,’ McInerney said.

ING Life India chief executive Kshitij Jain said the company had focused on consolidating its business during the last 18 months and would focus on driving efficiency to achieve the ambitious targets set for the next five years.

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