Despite falling premium income in the aftermath of stringent norms on unit-linked insurance plans (Ulips) by the sector regulator Irda, life insurers are charting out ambitious expansion plans for the financial year 2012.

MN Rao, MD and CEO , SBI Life, said, ?We expect our total premiums to grow by 32% and new business by 35%. We plan to open 79 branches and add 1,000 employees in 2011-12. We would be strengthening our product suite by launching unique Ulips and traditional plans,? he said.

Rao further said that the appetite for Ulips among the customers continue. ?With increased customer friendliness, post Ulip regulations, it is expected that Ulips will remain attractive,? said Rao.

Amitabh Chaudhury, MD and CEO, HDFC Life, said, ?We will continue to focus on growing faster than the industry and on reducing operating expenses to achieve breakeven in FY12. We aim to clock a 15-20% new premium income growth and aim to maintain new business margins at 16-18% in 2011-12.?

The life insurer would continue to invest in areas that are in line with our business objectives -be it the emerging distribution channels, investing in people capabilities, new geographies, products, said Chaudhuri. ?In the new regime, Ulips are cheaper. So the demand will be back once life insurers have readjusted the cost levels,? he added.

In 2011-12, the total capital requirement for HDFC Life is expected to be around R100-120 crore. In 2010-11, there was capital infusion of R190 crore.

Mayank Bathwal, CFO-head institutional sales, Birla Sun Life Insurance said, ?Maintaining margins through a balanced product mix and managing our expense gap would be one of our top priorities. Our intent is not just attaining growth but achieving sustainable growth.? Birla Sun Life has set its priorities on filling the existing product gaps, venturing into untapped product segments of health and pension and newer markets with customised solutions. The life insurer has recorded our maiden profits of R305 crores in 2010-2011.

G Murlidhar, CEO, Kotak Life, said that in this financial year the company?s focus will be on balancing growth with building value by consolidating and bettering all aspects of the offer proposition.

?We will introduce new products and will drive growth by improving efficiencies of the various distribution channels. As confidence in the sector stages a return among customers, new business premiums will grow significantly more than the previous fiscal,? he stated.

Appetite for market linked products has witnessed steady growth over the years and the trend is expected to continue said Murlidhar.

However, Kshitij Jain, MD & CEO, ING Life, said though the company has plans to recruit 24,000 advisors during this financial year, some attrition may also happen. The company has no significant plans on expansion in number of of branches. ?We are well on way to achieving breakeven by March, 2012. Similarly, we are looking at a premium income growth of 17% to R2,000 crore during this financial year. We would hope to see some regulatory changes on pension products,? he said.

Kamalji Sahay, CEO, Star Union Dai-Ichi Life Insurance, said the company plans to double business in 2011-12.