Chennai: After witnessing strong growth over last eight months, private sector insurer Aegon Religare is eyeing contribution of new business to reach Rs 200 crore during the current financial year, a top official said Thursday.
"Last year, the total premium in new business was Rs 145 crore. This year we are expecting Rs 200 crore", Aegon Religare Life Insurance Managing Director and CEO K S Gopalakrishnan told reporters here.
The company's new business during April-November 2014 grew by 33 percent year-on-year while it grew by 20 percent in 2013-14.
Gopalakrishnan was here to announce the launch of the company's new Endowment Insurance plan targeting middle and lower income groups.
Apart from the unit-linked and traditional products, he said the endowment product is also a long-term product and comes with different premium payment options.
"We are expecting 20 percent business to come from this product in coming months", he said.
On the group's total revenue, he said the company which clocked 18 percent growth in 2013-14, registered total revenue of Rs 480 crore. "This year (2014-15) we should be able to grow at 20 percent", he said.
The company has filed six new insurance products with insurance sector regulator IRDA, seeking its approval, he added.
