The Hindu Business Line : IDBI Fortis Life to expand

Mumbai, Sept. 9 IDBI Fortis Life Insurance is planning to expand its branches to 100 from the existing 35 by the end of the current fiscal, Mr G. V. Nageswara Rao, MD and CEO of the company, said.

The company which launched its products in March this year, has collected a premium of over Rs 100 crore till now, he said.

It has issued 25,428 policies and collected sum insured of Rs 827 crore, according to the figures released by the company. “Though we started out as the 18th player in the life insurance business, the sales figures vindicate our differentiated product strategy”, added Mr Rao.

The company offers products such as wealthsurance and homesurance to its customers to help them minimise the impact of unforeseen circumstances on their wealth and home plan respectively.

Mr Rao would not comment on the company’s premium collections target for the current fiscal. But the company hopes to break even in 6-7 years, he said.

IDBI Fortis Life Insurance is a joint venture between IDBI Bank (48 per cent), Federal Bank (26 per cent) and the European financial services provider Fortis (26 per cent).

Fortis is interested in increasing its stake in the life insurance company once the cap on FDI participation is lifted to 49 per cent, said Mr Filip Coremans, CFO.

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