Aviva Life to increase its paid-up capital
By Our Banking Bureau | 12 Jun 2002
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New Delhi: Aviva Life Insurance, a 74:26 joint venture between Dabur and the UK insurer CGU, is likely to increase its paid-up capital by another Rs 200-300 crore in the next five years.
Stating this at a press conference to announce Aviva Life's tie-up with American Express Bank to provide life insurance cover to Amex cardholders, Aviva Life chief executive officer Stuart Purdy said the hike in capital would be necessitated by the increase in business.
Stating this at a press conference to announce Aviva Life's tie-up with American Express Bank to provide life insurance cover to Amex cardholders, Aviva Life chief executive officer Stuart Purdy said the hike in capital would be necessitated by the increase in business.
"We may require an additional Rs 200-300 crore in the next five years depending on the business growth," Purdy said. "The company currently has an equity capital of Rs 100 crore and we are set to open branches in Bangalore and Hyderabad shortly." Aviva Life has presence in all the four metros at present.
The company has also sought clearance from the Insurance Regulatory and Development Authority to expand its network of offices to Guwahati and Asansol, while plans are also afoot to have branches in Lucknow, Ludhiana and Kochi.
