ING Life India Q4 operating profit up 13 pc at Rs 7 cr
ING Life India, part of the ING Group, today announced it has recorded 13 per cent growth in operating profit in the fourth quarter ended March 31, 2011.
By PTI | Updated:
BANGALORE: ING Life India, part of the ING Group, today announced it has recorded 13 per cent growth in operating profit in the fourth quarter ended March 31, 2011 at Rs 7 crore and plans to grow its premium income by 17 per cent to Rs 2,000 crore in the current fiscal.
"Our solid results have come at a time when the industry has seen steep decline in new business. The good results have been achieved because of our sharp focus on building efficiency, offering balanced product portfolio and keeping strong check on our costs," MD & CEO of ING Life India Kshitij Jain said.
The firm said the industry challenges of Q3 (FY11) continued in Q4, recording decline by 40 per cent in weighted new business premium for the private players versus last year. In this context, ING Life outperformed the industry.
ING Life India halved its full year losses to Rs 70 Crore from 2009-10. The company said it is well on track to achieve its breakeven plan by 2013.
As part of the company's ambitious five-year growth plan, it has infused fresh capital of Rs 240 crore in FY11. The company is well capitalised with an available solvency margin of Rs 360 crore (300 per cent).
"We are well-placed to continue this positive momentum, and are aiming to achieve a premium income of Rs 2,000 crore in FY12," Jain said.
"Our solid results have come at a time when the industry has seen steep decline in new business. The good results have been achieved because of our sharp focus on building efficiency, offering balanced product portfolio and keeping strong check on our costs," MD & CEO of ING Life India Kshitij Jain said.
The firm said the industry challenges of Q3 (FY11) continued in Q4, recording decline by 40 per cent in weighted new business premium for the private players versus last year. In this context, ING Life outperformed the industry.
ING Life India halved its full year losses to Rs 70 Crore from 2009-10. The company said it is well on track to achieve its breakeven plan by 2013.
As part of the company's ambitious five-year growth plan, it has infused fresh capital of Rs 240 crore in FY11. The company is well capitalised with an available solvency margin of Rs 360 crore (300 per cent).
"We are well-placed to continue this positive momentum, and are aiming to achieve a premium income of Rs 2,000 crore in FY12," Jain said.
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