ING Life plans new products

Briefing reporters, MD & CEO Kshitij Jain said the company recorded 13 per cent growth in operating profit in the fourth quarter ended March 31, 2011 at Rs 7 crore. For full year 2010-11 it lowered its net loss by half to Rs 70 crore. It plans to grow its premium income by 17 per cent to Rs 2,000 crore in the current fiscal.

“Our results have come at a time when the industry has seen steep decline in new business. It was possible because of our sharp focus on offering balanced product portfolio and keeping strong check on our costs,” he added.

Faced with challenges of lower premium income from new businesses which dropped by 40 per cent in 2010-11 for  private sector companies, ING, however, did better with 2.5 per cent growth in new premium income.

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