Private insurance player ING Life India is looking at the three south Indian States of Tamil Nadu, Andhra Pradesh and Karnataka to drive its growth in the future. Tamil Nadu had the highest number of branches and contributed around 10 per cent of the total business revenues, said T.K. Uthappa, director – sales, tied agency, ING Life India.
Addressing a press conference here on Friday to announce the launch of five unit-linked insurance plans (ULIP), he said that the company has its presence in 229 cities through its 251 offices, of which 40 are in Tamil Nadu. The company is targeting three lakh policies in the current financial year and wants to achieve business of Rs. 1,955 crore. It had already achieved Rs. 933 crore.
The insurance sector has seen rapid growth since it was opened up for private players. The market had expanded and all players had scope. At present, 22 life insurance operators are in the field. Mr. Uthappa said that ING Life had an overall market share of 1.37 per cent. It stood tenth in terms of policies issued and 12th in terms of revenues. ING Life managed assets to the tune of Rs. 4,000 crore and had infused as capital a sum of Rs. 1,000 crore.
It had issued over ten lakh polices. ING Life India, a part of the ING Group is a joint venture between ING Group (26 per cent), Exide Industries (50 per cent), Ambuja Cements Limited (11.5 per cent) and Enam Group (12.5 per cent).