ING Life Insurance is set to infuse Rs. 240 crore in fresh capital this financial year as part of its plan to achieve five-fold growth in business over the next five years, Chief Executive Officer Kshitij Jain said on Thursday.
“In the next five years, we hope 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 setting up of 150 offices and product innovation. The country-wide expansion would commence from the southern region. “We hope to achieve a customer base of over five million in this period.”
In the past two years, he said, the company did not expand, but tried to achieve efficiency. The expansion plan would postpone the company's breakeven target to 2013 from 2011, Mr. Jain said.
The Chief Operating Officer of ING Insurance, Tom Mclnerney, said, “India is a critical 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 expect it to move up to seventh position by 2013.”
The new guidelines laid down for Unit linked Insurance Plans (ULIPs) would have an impact and companies were yet to analyse the impact completely, Mr. Jain said.
