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.
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”
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