ING Life Insurance is place to impart Rs. 240 crore in fresh capital this financial year as part of its plan to reach 5-fold growth in business over the next 5 years, Chief Executive Officer Kshitij Jain said on Thursday.
“In the next 5 years, we expect to see 50(%) per cent of revenues of ING Asia Pacific coming from India, which is now at 20(%) per cent,” Mr. Jain told presspersons. The growth plan entails location up of 150 offices and product innovation. The country-wide growth would commence from the southern region. “We hope to reach a customer base of over five million in this period.”
Mr. Jain said, in the past 2 years, he said, the company did not increase, but tried to achieve competence. The expansion plan would postpone the company's breakeven target to 2013 from 2011.
The Chief Operating Officer of ING Insurance, Tom Mclnerney, said, “India is a important part of ING's network as it is one of the fastest growing markets. India stands tenth in terms of revenues to the company, and we wait for it to move up to seventh position by 2013.”
Mr. Jain said, the new guidelines laid down for Unit linked Insurance Plans (ULIPs) would have an impact and companies were yet to analyse the impact completely.
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