Financial Daily from THE HINDU group of publications
Sunday, Mar 24, 2002
Financial Daily from THE HINDU group of publications Sunday, Mar 24, 2002 |
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Corporate
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New Products & Services Money & Banking - Life Insurance AMP Sanmar starts operations Our Bureau
BANGALORE: AMP Sanmar Assurance launched operations in Karnataka on Saturday. Speaking at the launch, Mr S.V. Mony, CEO, said the life venture, which had targeted annualised premiums of Rs 19 to 20 crore for the year, would be launched in Andhra Pradesh next to be followed by Maharashtra and Gujarat later in the year. In Karnataka, AMP Sanmar will operate out of Bangalore, Mysore, Mangalore and Hubli. The joint venture between the Chennai-based Sanmar group and AMP, the Australian financial services company, which is operating in 27 cities is targeting its presence in 60 cities by the year-end and would depend mainly on the agent model for its business. ``We have 500 life advisors on board now and expect to touch the 1,500-mark by the end of the year,'' Mr Mony said. At the same time, the company also plans to enter into distribution agreements with banks, travel agencies and other companies. In three years, the company expects about 25-30 per cent of the business to come through distribution tie-ups. AMP Sanmar is starting off with a portfolio of five products including child protection, money-back, special endowment, whole of life and term assurance with accident and critical illness riders.
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