AMP Sanmar infuses Rs.35 crore capital

Chennai: The only Chennai-headquartered life insurer, AMP Sanmar Life Insurance, has increased its capital base by Rs.35 crore to Rs.160 crore. The additional capital is to fuel the company's expansion plans. In a slow and steady manner the company has been booking premium. For the nine months ended December 31, 2003, AMP Sanmar's first year premium is Rs.15.86 crore ranking 12th in the field of 13 life insurers. The company has 4,700 agents and focuses only on the southern semi urban and rural markets.

The company plans to increase the agency force to 9,200 in 2004 and open 22 new branches. AMP Sanmar also plans to venture into new markets in the west and north.