AVIVA LIFE ADDS TO CAPITAL IN INDIA

Aviva Life in India has increased its capital base by INR2.46bn ($62.1m), bringing total paid-up capital to INR10bn. CEO Bert Paterson said that the extra capital “will allow us to execute our aggressive growth plans for 2008. We already have a strong presence in more than 1,700 locations across India via 192 branches and close to 40 bancassurance partnerships. We will use the additional capital to further strengthen our presence, increase our financial planning adviser force and expand our product portfolio”. Meanwhile, Aviva Life has appointed an outsider, Monica Agrawal, as director for corporate initiatives. Ms Agrawal will be based in New Delhi and will report to Mr Paterson. She was previously head of Strategic Alliances for MasterCard in South Asia.