ING Vysya Life projects Rs5,000 crore premium income by 2010

ING Vysya Life Insurance Company (IVL) plans an aggressive expansion in business and hopes to raise its premium income to Rs5,000 crore by 2010, besides hiking its capital by Rs840 crore over the next three years.

The Rajan Raheja-controlled Exide Industries Ltd (EIL), which acquired a controlling stake in the life insurer about 18 months ago, plans to raise its equity in the company proportionately. According to S B Ganguly, chairman, EIL, and a director in IVL, the company had originally planned to invest about Rs400 crore in the IVL equity.

But now it plans to raise it to Rs700 crore over the next three years to back IVL's expansion plans. Of the additional Rs420 crore it plans to invest in IVL, Rs100 crore would be invested this year.

Exide will maintain its 50 per cent equity in the company. IVL's other promoters include the ING group of the Netherlands - which has a 26 per cent stake – and Gujarat Ambuja Cement (14 per cent) and Enam Securities (10 per cent).

IVL currently has a strong presence in the south, but plans to emerge as a national player soon. Kshitij Jain, managing director and CEO, IVL, says the company's branch network will be expanded to 320 by 2007, from 130 at present.