ICICI Prudential, XLRI tie up

Kolkata, July 03
ICICI Prudential Life Insurance Company Ltd and XLRI have formed a partnership to launch a specialised course in management and insurance, says a press release.

Source: The Hindu Business Line

Reliance to invest Rs 2,000 cr in insurance

MUMBAI: Reliance Capital is planning to invest Rs 2,000 crore to expand its life insurance business, besides seize every business opportunity that will enhance value to shareholders, its Chairman Anil Ambani said on Tuesday. "It (life insurance) is a highly-capital intensive business... our focus is clear - how quickly and consistently we can create, on a sustainable basis, shareholder wealth," he told shareholders at the company's AGM here. The company has earmarked Rs 2,000 crore investment over the next few years for the business, which it acquired from AMP-Sanmar in 2005. Reliance Life Insurance had recently started operations in the Middle-East and Singapore and "we plan to open more offices abroad," Ambani said, adding that the company will soon consider putting in place a dividend policy. "We will consider putting in a dividend policy that will specify a policy framework so that shareholders can have an idea of the payout ratio," he said. Outlining the group's vision to be in the top three in every business segment it was present in, Ambani said: "We are a young group and it will take us sometime to get there. But we will get there in the next few years - it will not take us 20 years." Stating that Reliance Capital had been approached by various investors for strategic and financial stake in its businesses, Ambani said the company may consider strategic tie-ups, but ruled out sale of the mutual funds or general insurance businesses.

Source: Times News Network

Aviva Life signs Sachin as brand ambassador

PRAGUE: Aviva Life Insurance, a joint venture between UK's biggest insurer Aviva and Dabur, has roped in master blaster Sachin Tendulkar as brand ambassador and named its new child insurance policy after the cricketer's title - Little Master. Announcing this here, Aviva India Managing Director Bert Paterson told reporters: "Sachin is the most popular icon in India for all age-groups and his popularity transcends the boundaries of religion, caste and region. Our new product - Aviva Little Master - is a tribute to our brand ambassador." The company will be launching a nationwide campaign featuring Tendulkar soon, Paterson said. This is for the first time that Aviva India has gone for a brand ambassador to increase its market presence, currently pegged at little over four per cent. When asked why the has company chosen a cricketer as its brand ambassador even after the Indian team performed dismally in the World Cup, he said: "It (the World Cup) is over now." Tendulkar, who was present through video conferencing said: "Aviva Little Master is a great opportunity for forward thinking parents to secure their children's future." Aviva Little Master, the 20th product from Aviva India, is a unit-linked plan designed for parents to secure their child's future. The policy is available for the child up to 17 years and the parent's age should be between 18 to 45 years. The policy, with minimum annual premium of Rs 15,000 for a 10-year term or above and Rs 25,000 for less than 10 years, provides accidental death benefit, a comprehensive health benefit and income benefit, the company said. Five years into operations in India, Aviva has so far pumped in Rs 750 crore as paid up capital in the country.

Source: Economic Times