With Rs 60.29 cr in Revenues, Future Generali Net Worth increases by 50% in FY 15

The Indo-Italian JV Future Generali India Insurance recorded a 50% boost in its net income, with Rs 60.29 crore profits recorded for the year ending in March 2015, as compared to previous year Rs 39.62 crore. The whopping statistics is attributed to better performance in health and motor insurance segments.

Read more

Stay home & renew car insurance in 2 minutes

No documents required
View Instant Quotes
Get Car Insurance starting
@ only 2072/year*
  • Save up to 80%* Lowest Car Premiums

  • 20+ Insurers To Choose From

  • 25 Lakh+ Vehicles Insured

*TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

K. G. Krishnamoorthy Rao, MD, Future Generali is ecstatic about the achievement and said, “My company's premium income saw a boost from two segments- motor and health. Our motor insurance premium income increased to Rs. 830 crore in FY15 from Rs 700 crore in FY14. And, the health insurance segment clocked Rs. 180 crore in FY15 as compared to Rs. 160 crore in FY14.”       

He further added, “Since its inception in 2007, Future Generali India has witnessed a second consecutive year of increased profits.”

The Indo-Italian JV recorded a 14% growth in the Gross Written Premium (GWP) for FY15, with Rs. 1,480 crore profit income, as compared to Rs 1,303 crore in previous year.

Mr. Rao commented, “We intend to boost our GWP by 20% from current income of Rs 1,480 crore to Rs 1,800 crore by the fiscal-end. This year our focus is on private cars and rural insurance businesses. And we hope to win loyal customers in these segments, too.” 

This Indo-Italian JV has witnessed an increase of 16% in its business operations, with sales of 11.32 Lakh policies in FY15 as against 9.74 Lakh policies sold last year, and with 1.84 Lakh claims settlement in the current fiscal year.

The company’s asset under management (AUM) increased by 32% in FY 15, with recorded Rs 1,975 crore in assets. Subsequently, Future Generali India’s net worth boosted to Rs. 456 crore from Rs. 395 crore in FY14. 

The solvency ratio (capital strength) jumped to1.66 in FY15 compared to 1.62 last year, as against the regulatory mandate of 1.5. 

At the end of fiscal year 15, Future Generali India shared 57% share of the motor insurance market,  10% share in health segment and 14% in engineering and fire, and the  remaining 19% in other insurance sectors.

Source: This news was published on May 22, 2015 in businessstandard.com under the title: “Future Generali net up by 50% Rs 60.29 cr in FY15”

Written By: PolicyBazaar - Updated: 15 July 2021
You May Also Like
  • IRDAI Mandates Third-Party Insurance for Battery Operated Rickshaws

    IRDAI Mandates Third-Party Insurance for Battery Operated Rickshaws The Insurance Regulatory and Development Authority of India (IRDAI) has made third-party insurance mandatory for battery operated rickshaws that do no...

    read more
  • Telangana Recognises E-Motor Insurance Policies

    Telangana Recognises E-Motor Insurance Policies Telangana Government has given recognition to é-motor insurance policies in the state in collaboration with the Insurance Regulatory and Development Authority of India ...

    read more
  • "No Compensation To The Owner If Vehicle Is Lost Due To Negligence"

    "No Compensation To The Owner If Vehicle Is Lost Due To Negligence" In a judgment issued by the trial court, the owner of a vehicle cannot claim for any compensation if a vehicle is lost or damaged due to the owner’s...

    read more
  • Odd-even Rule in Delhi to Lessen the Risk, Hence the Premiums 

    Motor insurance premiums are expected to go down as vehicles would be less prone to accidents due to the odd-even rule in Delhi. Only half the number of vehicles would ply on the roads on a given day. “The cars would ...

    read more
  • Third-party Motor Insurance Premiums to See Marginal Hike

    Finally, the revised motor third-party insurance premiums are out in the press and have already been into effect from April 1, 2015. All vehicle owners can now take a sigh of relief as there has been only a slight increa...

    read more
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Calculate your car IDV
IDV of your vehicle
Calculate IDV
Calculate Again

Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.Read More

Policybazaar lets you compare premium prices from 20+ Insurers!
Compare Prices