Friday, August 30, 2013

New India Assurance to unveil four new mediclaim policies

New India Assurance - India's largest general insurance company on Monday announced that it would launch four new health insurance products in another six months. Sri G. Srinivasan, Chairman-cum-Managing Director of New India Assurance Company said, “The products awaiting regulatory nod are - Family Floater, Top-up, Critical Illness cover and policy for high net worth individuals.”

New India Assurance is aiming for 20% growth and has set a target of Rs 15,000 crore (Rs 12,000 crore from domestic and Rs.3, 000 crore from overseas operations) in premium income during the current financial year as against Rs 12,500 crore of previous fiscal, Srinivasan said.
Health insurance segment contributes 27% of the total business of the company, he added. Srinivasan said that the company has registered a Profit After Tax (PAT) of Rs. 262 crore during the first quarter of the current fiscal. Further, he said that company’s PAT this fiscal year would touch Rs. 1,000 crore, since the company expected to renew 80 - 85 % of the existing products, and the remaining 15 % from new premium.

New India Assurance is present in 22 countries, and aiming to expand its business in new territories like- Myanmar, Canada and Qatar this fiscal year. The company would also expand its agent base to one lac in the next two years, from the current agent strength of 55,000. During the fiscal, the company is also planning to open another 400 micro offices across the country, taking the total number to 1,000. 

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