Aviva Life Insurance increases capital base by Rs 246.3cr

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Aviva Life Insurance today announced an increase in its capital base by Rs 246.3 crores, taking the total paid-up capital to Rs 1,004.5 crores. The fresh infusion will help fuel Aviva's growth plans for 2008.

Mr. Bert Paterson, CEO & Managing Director, Aviva India said, "Aviva has a long-term commitment to India and the additional capital infusion of Rs 246.3 crores will allow us to execute our aggressive growth plans for 2008. We already have a strong presence in more than 1,700 locations across India via 192 branches and close to 40 Bancassurance partnerships. We will use the additional capital to further strengthen our presence, increase our financial planning adviser force and expand our product portfolio."

 

He added, "We continue to have ambitious growth plans for our Indian operations and this capital injection represents only the next phase of our growth. Aviva India has recorded a CAGR of 142.8% in terms of APE, since inception in 2002. In terms of policies sold, Aviva is close to approaching a million policies. The company has recorded healthy sales growth in both the Direct Sales Force and Bancassurance channels.

 

Aviva has many firsts to its credit. Some of the key initiatives include pioneering Bancassurance in India, being among the first to have an in-house Fund Management team, pioneering innovative Unit Linked products and investing in training of Financial Planning Advisers.

 

Sourced From: Adfactors Public Relations Pvt Ltd