TATA AIG-New Plans

Tata AIG Life Insurance Company Ltd today is reportedly expanding its footprint in the country with a growth in its number of offices and focusing more on small towns, which offer a more favourable growth factor.

Tata AIG Managing Director Trevor Bull said on Friday that the company is planning to bring an increase in its number of offices from 72 to 120 during the year. He reported that 10 new branches would be added in the eastern region. He also put forth his plan of doubling the sales force from 10,000 and the company would move base to smaller towns to meet their growth targets. Bull said that the company was looking out for a quantum jump in premium income with the steep rise in offices and sales force during the year. The premium income was Rs 1,367 crore during 2006-07, including new premium of Rs 478 crore. Tata group companies account for two per cent of the total premium earning of Tata AIG Life. Bull claimed that the company would need fresh capital infusion. The present capital of Tata AIG Life was Rs 440 crore.

The company indicated their interest in launching new products in the current year in health, pension, gratuity and unit linked products.