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.
Reliance Mutual Fund new issue closes on 16th June
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 1, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenor of the scheme is 93 days.
The new issue closes on 16th June. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.