• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Mumbai, April 25

Union Bank of India has recorded 109 per cent growth under new business premium in life insurance for the fiscal year 2007-08. The bank had new business premium worth Rs 152 crore and sold 32,000 policies. For the year 2008-09, the bank is targeting Rs 300 crore worth new business insurance premium, said a press release from the bank. Union Bank has tied up with HDFC Standard Life for life insurance and with SBI Life for its home loan customers. Insurance distribution woul d be an important area of focus for the bank in the semi-urban and rural areas where it has a strong network. The bank has more than 200 IRDA qualified marketing staff for selling insurance products, in addition to specialised customer relationship officials at its branches. According to provisional figures, Union Bank of India’s total business as on March 2008 was Rs 1,80,516 crore, registering a growth of 21.28 per cent over the previous year. Total deposits stood at Rs 1,04,272 crore, with a growth rate of 22.41 per cent, while advances were Rs 76,244 crore with a growth rate of 19.77 per cent, the release said.

— Our Bureau

More Stories on : Life Insurance | Public Sector Banks

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

Stories in this Section
Forex reserves rise by $1.167 b

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line