Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Money & Banking
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Life Insurance Aviva Life to expand equity base C.R. Sukumar
Hyderabad , Dec. 9 AVIVA Life Insurance India, the insurance joint venture between Dabur and the UK-based Aviva Plc, has decided to pump in further equity of Rs 80 crore shortly. "We have recently brought in Rs 45 crore funds to take the capital base to around Rs 155 crore from the initial Rs 110 crore. We have now decided to pump in further capital of Rs 80 crore, thereby taking the total capital base to Rs 235 crore by the end of January next," the Aviva Life Managing Director, Mr Stuart Purdy, told Business Line. Mr Stuart Purdy, who was here to participate in the Eighth `Insurance Summit' organised by the Confederation of Indian Industry, said the decision to infuse further funds indicated Aviva's commitment to the Indian insurance industry and also the growing opportunities. Having bagged a share of 3.7 per cent in the private sector life segment, the company is eying to garner a market share of around 8 per cent over the next one year. Keeping in view the vast potential in the rural markets and also Aviva's successful tie-up with micro finance organisations, the insurance company is currently negotiating with half-a-dozen micro finance organisations and non-governmental organisations to sell its products to members of entities such as self-help groups. Aviva would like to finalise arrangement with three to four micro finance organisations soon, he said. Aviva is currently garnering around 73 per cent of its business volumes from the bancassurance route, considered one of the highest for any insurance company in the country. With ABN-Amro Bank, American Express Bank, Canara Bank and Lakshmi Vilas Bank as its bancassurance partners, Aviva now has access to over 2,600 bank branches.
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