AMP Sanmar takes off in Karnataka

Bangalore: AMP Sanmar Assurance has launched its operations in Karnataka. The company, which operates in 27 Indian cities, will operate out of Bangalore, Mysore, Mangalore and Hubli in the state.

Says AMP Sanmar Assurance CEO SV Mony: "The life venture, which had targeted annualised premiums of Rs 19 to 20 crore for the year, will also be launched in Andhra Pradesh shortly -  to be followed by Maharashtra and Gujarat later in the year."

A joint venture between the Chennai-based Sanmar group and AMP, the Australian financial services company, AMP Sanmar Assurance is planning to have its presence felt in 60 cities by the yearend and will depend mainly on the agent model for its business. "We have 500 life advisors on the board now, and we expect to touch the 1,500 mark by the end of the year," says Mony.

At the same time, the company also plans to enter into distribution agreements with banks, travel agencies and other companies. In three years, the company expects about 25-30 per cent of the business to come through distribution tie-ups.

AMP Sanmar is starting off with a portfolio of five products, including child protection, money-back, special endowment, whole of life and term assurance with accident and critical illness riders.