The Hindu Business Line : AMP Sanmar targets 300 per cent growth

AMP Sanmar, the life insurance joint venture of AMP, Australia, and the Chennai-based Sanmar group, is targeting a growth of 300 per cent during the current year.

The projected growth is expected to be achieved from new markets as well as new products, according to Mr Graham Meyer, Managing Director of the company.

Mr Meyer, who was here along with Steve Waugh, former Australian cricket captain and the brand ambassador of AMP Sanmar, told newspersons that as of October, the company had earned premium income of Rs 73 crore. This is expected to grow to Rs 115 crore by the end of the current fiscal.

He said since its launch in 2002, the company had insured over 1.65 lakh people and the number is projected to touch 2.50 lakh by year-end. Also, the advisor base of the company would increase from the present 4,500 to 7,500 by then.

Mr Meyer said the company had recently entered into a tie-up with New India Assurance to cross sell each other's products. "We are also exploring the possibility of launching tailor-made co-branded products in association with New India Assurance," he said.

The company had also identified group life insurance as another growth area, Mr Meyer informed.

He pointed out that with special emphasis on customisation and follow-up action, the company was able to record good business. It received 100 per cent renewal from existing clients and also attracted new ones, which included the top three in most of the industry segments.

In order to serve new clients, the company has put in place a dedicated corporate sales team in six metros, including Delhi and Kolkota, where it does not have any immediate plans for the retail segment.

Mr Meyer said AMP Sanmar now had over 70 branches spread across the four southern States, Maharashtra and Gujarat.