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Aviva hikes capital to Rs 320 cr

February 03, 2005 18:04 IST

Aviva Life Insurance has hiked its capital by Rs 77 crore (Rs 770 million) to Rs 320 crore (Rs 3.2 billion) to sustain its business growth in the next fiscal.

"Aviva has doubled its business in the last 12 months. The premium from new businesses grew by 118 per cent to Rs 158 crore (Rs 1.58 billion) in 2004," Aviva chief executive officer Stuart Purdy said on Thursday while announcing the hike in capital.

The 74:26 joint venture between Dabur India and world's leading insurer Aviva now has a paid-up capital of Rs 320 crore.

"We are confident that the initiatives we have undertaken to achieve higher market share and manage risks better will ensure substantial growth in current year," Purdy said.

The company now has a market share of 4.1 per cent among the private players. Aviva has bancassurance ties with ABN Amro, American Express Bank, Canara Bank, Punjab & Sind Bank and Lakshmi Vilas Bank, which increased its reach to 131 cities.

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