AMP Sanmar Life Insurance Company Limited was a 26:74 joint venture between AMP Australia and Sanmar Group. The initial paid up capital of the joint venture was Rs. 125 crores and an initial target of selling around 30,000 policies in the first year of its commencement.
In 2005, Reliance Life Insurance Company Limited, a subsidiary of Reliance Capital Limited under Anil Ambani acquired AMP Life Assurance Co. Ltd. this made Reliance Life Insurance the very first private sector life insurance company to start business in India without any foreign collaborator.
AMP Sanmar handed over 90 branches, 900 staff and 9000 agents to Reliance Life. This gave Reliance Life Insurance the jumpstart it needed to get IRDA (Insurance Regulatory and Development Authority) approval. The other industry suitors for the bid of AMP Assurance Co. Ltd were Aviva, ICICI Prudential Life Insurance Company etc. But Reliance outbid them with the bidding amount ranging between Rs. 225 - 400 crores.
AMP Sanmar has two names brought together. One being AMP Limited that is one of the world's leading financial services provider with a customer base of over 9 million and the other is Sanmar Group that is among the largest industrial groups in South India. The turnover of Sanmar Group is around Rs. 10 billion with businesses in PVC/ Chloro chemicals, specialty chemicals, shipping and engineering.
The various insurance policies by AMP Sanmar include:
Dhana Shree
Subha Shree
Nitya Shree
Raksha Shree
Yuva Shree
Bhagya Shree
Group Term Assurance
CONTACT DETAILS: Head Office Address: AMP Sanmar Assurance Limited 9, Cathedral Road, Chennai 600 086 Phone: 91-44-8118411 Fax: 91-44-8117669
