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ING Life India, part of the ING Group, has recorded a marginal profit of around Rs 7 crore in the fourth quarter of 2010-11.
An official of the company said ING Life has reduced its losses to about Rs 70 crore during the fiscal 2010-11 and expects to break even in the current year. The official said the company gets about 70 per cent of its total premium income from traditional policies while the rest comes from unit-linked policies.
He said the company plans to grow its premium income 17 per cent to Rs 2,000 crore in 2011-12.
“Our solid results have come at a time when the industry has seen a steep decline in new business. The results have been achieved because of our focus on building efficiency, offering balanced product portfolio and keeping a strong check on our costs,” Mr Kshitij Jain, Managing Director and CEO, ING Life India, said.
New business premium
He said while there has been a 40 per cent decline in weighted new business premium for the private players compared to last year, ING Life has recorded a growth of 13 per cent in the same period.
As part of the company's five-year growth plan, it has infused fresh capital of Rs 240 crore in 2010-11. The company is well-capitalised and has a solvency margin of Rs 360 crore, Mr Jain said.
ING Life has a presence in 229 cities across the country, over 35,000 tied agents and bancassurance partner, ING Vysya Bank.
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