Financial Daily from THE HINDU group of publications
Saturday, May 07, 2005
Financial Daily from THE HINDU group of publications Saturday, May 07, 2005 |
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Money & Banking
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Life Insurance AMP Sanmar to set up more branches in AP Our Bureau
Visakhapatnam , May 6 AMP Sanmar Life Insurance Company is planning to set up seven more branches in Andhra Pradesh during this year, according to Mr Graham Meyer, its Managing Director. He said at a press meet here on Friday, after inaugurating the second branch here at Gajuwaka, that the company had at present 17 branches in the State. He said the first branch set up here in 2002 was doing very well and therefore the need was felt for the second one at Gajuwaka. Mr Meyer said that during 2004-2005 the company had recorded premium income of Rs 145 crore and grown by 200 per cent. "We want to sustain the same growth rate during the current financial year too and we are hopeful of crossing Rs 250-crore premium income during the year," he said. He said the company was predominantly a South-based one and it would remain so for some time to come. It would gradually extend its operations to the North and other parts of the country. The total number of branches, currently at 81, would cross 100 during the year, he said. He said the company was tapping the corporate groups and was also concentrating on retail business. A number of new products had been launched, the latest being Divya Shree. "It is a simple endowment plan with compound bonus. It has a number of add-on riders and convenient premium options (single/regular)," he said. He said the capital base of the company stood at Rs 217.10 crore and Rs 80 crore more would be infused during the current year.
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