Aviva Life Insurance raises capital base by Rs 344 cr

NEW DELHI: Private sector insurer Aviva Life Insurance on Thursday announced an increase in its capital base by Rs 344.3 crore to meet the growth plan for the current year.

The additional capital infusion will allow the company to execute our aggressive growth plans for 2008-09, said Aviva India Managing Director Bert Paterson.

"We will use the additional capital to explore new distribution networks and invest towards training programmes to improve productivity of our sales force," he said.

With the fresh investment, total paid-up capital of the insurer would go up to Rs 1,348.8 crore.

The joint venture between FMCG major Dabur and the UK-based Aviva Plc has presence in more than 3,000 locations across India via 221 branches and close to 40 bancassurance partnerships.

Aviva India has recorded a CAGR of 97 per cent in terms of annualised premium earnings, since inception in 2002, he said.