Mumbai: ING Vysya Life has got shareholders clearance to expand its capital base up to Rs 1,480 crore. Its current capital base is Rs 765 crore which will be increased to Rs 790 crore next month. They have the shareholder''s clearance to increase this to Rs 1,480 crore, which is enough to sustain the growth needs of the business until next year. On a holding company structure, adopted by banks such as ICICI Bank and SBI for raising capital for their insurance company subsidiaries. ING Vysya Life''s new business premium increased 65 per cent to Rs 467.44 crore in 2006-07 from Rs 284.07 crore in the previous year. The market share increased from 0.8 per cent between July and December 2006 to 1.2 per cent in the period between January and June 2007. The company mulled to increase its distribution footprint beyond the four States in the South where it currently has a significant presence.
Source : www.indian-commodity.com
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