The Hindu Business Line : Aviva hikes capital by Rs 88 cr

Mr Rajiv Bajaj (left), MD, Bajaj Capital Ltd, with Mr Stuart Purdy, MD, Aviva Life Insurance Company India Ltd, at a press conference in the Capital on Tuesday. -- Kamal Narang

New Delhi , Jan. 20

AVIVA Life Insurance has hiked its paid-up capital by Rs 88 crore to Rs 243 crore recently. "The promoters of Aviva (Dabur India and Aviva Plc of UK) have infused another Rs 88 crore last week. This increases our capital to Rs 243 crore," the CEO of Aviva, Mr Stuart Purdy, said.

Speaking at a function to sign a tie-up with Bajaj Capital to enter insurance broking, Mr Purdy said the move to hike capital was on account of the increase in business. He said Aviva hoped to grow by over 100 per cent to register a premium income of Rs 150 crore during the current fiscal as against Rs 70 crore in the previous year.

Bajaj Capital has formed a new company, Bajaj Capital Insurance Broking Ltd, to enter insurance broking.

Aviva also plans to tie up with more private banks and insurance brokers to increase its reach, Mr Purdy said. The company has bancassurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank and Lakshmi Vilas Bank.

Aviva also plans to foray into the pension sector when it opens up for private players, he said. "We are waiting for more clarity about the ownership pattern and other aspects (of pension fund managers)," Mr Purdy said.