The Hindu Business Line : Tata AIG eyes 20 pc market share by `07

Mr. Jaydeep Roy (left), Director (Alternate Channels); Mr Lan J. Watts, Managing Director, Tata AIG Life Insurance Company Ltd; and Mr Les Forrest, Director (Agency Channel), at a press meet in Mumbai. — Shashi Ashiwal

Mumbai , Dec. 10

TATA AIG Life Insurance Company has said that it aimed to be the number-two private player in the life insurance industry with a market share of 20 per cent by 2007.

Mr Ian Watts, Managing Director, Tata AIG, estimated that by 2007, private players would have about 40 per cent of the total life insurance market; currently dominated by the Life Insurance Corporation.

Mr Watts told newspersons here that the company intended to add about 3,000 new jobs under its aggressive expansion plan. Apart from the direct jobs, the company would also triple its agency force to about one lakh. It is aiming at a total premium of Rs 4,000 crore and a customer base of 30 lakh, Mr Watts said.

Tata AIG calls the three-year plan "Operation Quantum Leap".

According to Mr Watts, the company has over the past couple of years built the platform and product suite necessary to boost future business.

While he expected the company to break even by the end of 2006, he estimated that the company's growth would require a total capital of about Rs 1,000 crore. It is currently capitalised at about Rs 276 crore.

More Stories on : Life Insurance | Market Shares

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Volumes swell in CBLO market

Rupee slides; bonds rally

Rupee sheds 58 paise; securities buoyant

Zylog to market Singapore firm's banking software

Scheme for Development Officers — Govt not to interfere in LIC's decision

Tata AIG eyes 20 pc market share by `07

General insurance employees to strike work on Dec 21

TMB hikes deposit rates

Oriental Bank chief sees drop in profits on GTB merger

`Corporation Bank, a laboratory for innovative banking'

HC says no simultaneous action under Securitisation Act, DRT

`Merger among PSBs on voluntary basis'

New office-bearers for Canana Bank Union

Chopra takes charge as Corpn Bank CMD