New Delhi: Private sector insurer Aviva Life Insurance on Sunday announced capital infusion of Rs116 crore for business expansion.
With this investment, the total paid-up capital of the insurance firm has crossed Rs2,000 crore to Rs2,004 crore.
The fresh infusion will help support the company’s long-term growth plans, focussing on expense management, generating efficiencies with greater thrust on renewal premiums and maintain adequate buffer over solvency requirements, Aviva India CEO and managing director T. R. Ramachandran told the news agency.
“Aviva has a long-term commitment to India and the additional capital infusion of Rs116 crore will allow us to execute our growth plans for 2010-11,” he said.
The insurer is a 74:26% joint venture between leading FMCG player Dabur Group and Aviva of the UK.
“Our objective is to be among the country’s leading life insurers through a quality business model, focussed on sustainable growth,” he said, adding that the company was focussing on profitable and efficient growth, enhancing customer service, improving productivity, setting up a multi- channel distribution model and strengthening product portfolio.
Aviva, which has sold over a million policies, collected first premium income of Rs328.1 crore during the first six months of the current fiscal compared to Rs304 crore in the same period a year ago.
In the month of September, the new business of the company increased by Rs35.4 crore.