ING Vysya Life to raise $25 Mn more capital

ING Vysya Life to raise $25 Mn more capital

By SiliconIndia   |   Saturday, 26 January 2008, 05:15 Hrs
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New Delhi: ING Vysya Life Insurance Company plans to raise an additional $25 million (Rs 100 crore) capital by March this year. According to Kshitij Jain, Managing Director and Chief Executive Officer, ING Vysya Life Insurance Company, the company is looking at adding around six lakh customers during the year from the current base of 5.5 lakh customers.

"The current capital that has been infused is $197.5 million (Rs 790 crore) and by March we want to raise it around $225 million (Rs 900 crore). The board has given approval for up to ($350 million) Rs 1,400 crore capital and we expect to touch the figure by the end of the calendar year," Jain said.

This year, ING Vysya expects the premium income to touch $525 million (Rs 2,100 crore) out of which $337.5 million (Rs 1,350) is expected to come from new business and the rest of the $187.5 million (Rs 750 crore) from renewal business. "The total premium collected was around $237.5 million (Rs 950 crore) last year. Out of this amount, $157 million (Rs 630 crore) was from new business," Jain said.

The company is looking at expanding its presence in north and central parts of the country. "ING Vysya Life currently has a network of 308 branches across 246 cities. But now we are looking at aggressive expansion in north and central India as part of our growth strategy," Jain said.

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