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Our Bureau

Mumbai, Sept. 29 The partial nationalisation of the Belgian-Dutch banking and insurance group Fortis will not have any impact on IDBI Fortis Life Insurance Company, Mr G. V. Nageswara Rao, MD and CEO of IDBI Fortis Life Insurance company said.

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

The speculation regarding the company’s future comes in the wake of the governments of three countries acquiring a 49 per cent stake in Fortis, as part of a bailout package. Fortis is facing a severe liquidity crunch and has been trying to sell its assets to raise cash. The part nationalisation will not hamper the company’s expansion or capital infusion plans, said Mr Rao.

IDBI Fortis Life Insurance Company had a capital base of Rs 200 crore, which it had infused at the time of its inception in March this year. The company sees no need for further capital infusion at this stage, a company official said.

The company meets the solvency requirements as specified by the insurance regulator, Mr Rao added.

Our Vizag Bureau reports: IDBI Fortis Life Insurance has collected Rs 100 crore premium in the first five months of its operations and plans to expand its branch network in Andhra Pradesh and the South, according to Mr G.V. Nageswara Rao, Managing Director and CEO. In a press release on the occasion of a branch inaugural, he said the company, which launched operations in March, wanted to have a hundred branches in the country, 24 of them in the South and six in Andhra Pradesh.

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