There will be nearly 1,000 advisors attached to each Financial Planning Centre along with IndiaFirst employees
IndiaFirst Life Insurance, a joint venture between two public sector banks-Bank of Baroda and Andhra Bank along with UK's risk, wealth and investment company Legal & General, has opened its Financial Planning Centre (FPC) in Delhi.
The company will offer its entire range of services including new business application processing, policy servicing request processing, advisor licensing processing, advisor/ sales training, claim intimation processing and document collection and record management for business applications.
"Our Financial Planning Centers are one more step towards moving closer to our customers-both potential as well as existing. Our FPCs will also act as exclusive training centres for new recruits and advisor orientation," said Dr P Nandagopal, managing director & CEO, IndiaFirst Life Insurance.
While this is the first FPC in Delhi, the company has been present in the state through close to 160 outlets of its partner banks.
"We aim to reach out to a wider set of customers through our alternate channel. We expect to enhance our overall profitability and cost efficiency while building a stronger connect with our customers through the launch of our alternate channel and FPCs," added Dr Nandagopal.
There will be nearly 1,000 advisors attached to each FPC along with IndiaFirst employees. Customers can also visit the FPC to meet the company's relationship managers and analyse their overall financial plans.
The company has generated approximately Rs25 crore through their bancassurance model in the first 15 months of its operations from Delhi. It also expects its alternate distribution model to contribute 1/3rd of its business over two-three years.
Tata AIG Life Insurance has achieved a break even in the 10th year of operation and posted a net profit of Rs51.79 crore for the year ended 31 March 2011
Private insurer Tata AIG Life Insurance Company said it has achieved a break even in the 10th year of operation and posted a net profit of Rs51.79 crore for the year ended 31 March 2011.
"Tata AIG Life looks back on a successful fiscal. Our cost optimisation strategies and continued focus on persistency of business over the last four quarters resulted in this profitable growth. To support our future growth plans, we have infused fresh capital of Rs33 crore during the fiscal ended 31 March 2011," Tata AIG MD and CEO Suresh Mahalingam said.
The company's total assets under management (AUM) has increased by 34% to Rs12,658 crore from Rs9,456 crore in the last fiscal, he said.
"The paid-up capital stands at Rs1,954 crore. A solvency margin of 216% was a very positive indicator of the company's overall financial health," he added.
Tata AIG Life's total premium income grew by 14% to Rs3,985 crore for the year ended 31 March from Rs3,494 crore in FY10 due to efficient business synergies and processes, a statement by the insurer said.
Of the total premium, the new business premium collection stood at Rs1,332 crore and the renewal premium for the same period grew by 22% to Rs2,653 crore from Rs2,172 crore in the financial year 2009-10, it said, adding that the unit-linked insurance products accounted for 72% of the new business premium.
During the year, the company also managed to reduce its operating expenses to enhance its efficiency to achieve operating expenses to a total premium ratio of 24% as against 29% in the previous financial year.
Union KBC Mutual Fund new issue closes on 14th June
Union KBC Mutual Fund has launched Union KBC Liquid Fund, an open-ended liquid scheme.
The investment objective of the scheme is to provide reasonable returns commensurate with lower risk and high level of liquidity through a portfolio of money market and debt securities.
The new issue closes on 14th June. The scheme reopens on 16th June. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Devesh Thacker is the fund manager.