Chennai: The Insurance Regulatory and Development Authority (IRDA) has approved the change in the name of AMP Sanmar Life Insurance Company Limited to Reliance Life Insurance Company Limited.
The change was necessitated after the acquisition of the holdings of AMP Australia and the Sanmar group in AMP Sanmar by Reliance Capital for Anil Ambani's proposed life insurance venture, now called Reliance Life Insurance for an undisclosed sum. Subsequently, a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu, changing the name of the company on January17, 2006.
Accepting the change in the name of the company in its registers, the IRDA has permitted Reliance Life to carry on life insurance business subject to the condition that the company should honour the commitments to the policyholders of the AMP Sanmar without altering any of the terms and conditions of the original policy.
After the acquisition of the stake of the two promoter companies, Reliance Capital has been busy chalking aggressive growth plans for the life insurance company. It plans to have one million policyholders by this year end. The company under the new ownership has been selling policies at a faster pace than ever before.
For the nine month ended 31st December 2005, AMP Sanmar / Reliance Life has a fresh premium income of Rs114.48 crore, selling 41,488 policies with the average premium per policy of Rs27,593. As AMP Sanmar, the company had earned fresh premium of Rs61.04 crore from the 23,328 policies it sold during April-December 2004 at an average premium per policy of Rs26,166.