The Hindu : Business : ING Vysya Life to expand business

Online edition of India's National Newspaper
Friday, Jun 25, 2004

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Business

ING Vysya Life to expand business

By Our Staff Reporter

BANGALORE, JUNE 24. ING Vysya Life Insurance, aimed to double its business this year to Rs. 200 crores, mostly by selling some 1.50 lakh new policies, Frank Koster, the company's recently appointed Chief Executive Officer and Managing Director, said. A joint venture among Amsterdam based financial group ING, Vysya Bank and infrastructure group, GMR, ING Vysya Life, announced its financial results for the year ending March 31, here on Thursday.

The company has declared policyholder bonus of 8 per cent (gross return) of accumulated funds in IPA for its `Best Years' retirement plan and 7.5 per cent (of sum assured) simple reversionary, for its `Powering Life' limited payment endowment plan. Announcing the results, Mr. Koster said total income spurted to Rs. 100.02 crores, with premium income accounting for some Rs. 88.5 crores. Total sum assured was Rs. 2,626 crores with "1.15 lakh individual life policies in force."

Private players in the Indian insurance industry were "doing very well and we are very bullish about our own growth prospects," he said.

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