ING Life to infuse `225cr

Aug 25, 2010 |

Correspondent

ING Life India will infuse an additional capital of `227 crore this year. Its current infused capital is `1,200 crore. The fresh capital infusion, to be equally shared by the shareholders, will be for solvency margin and to enhance the business distribution network, Mr T.K. Uthappa, director (sales) said. Commenting on the new IRDA guidelines, he said, they would exert pressure on traditional insurance products and expected the average premium size to be down by 15-20 per cent in the third quarter of the fiscal. With 56 per cent of business coming from traditional products, he said the company would refile about half of its traditional products with IRDA before September 1.

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