Thursday, July 3, 2014

Future Generali India Achieves Break-Even In Sixth Year Of Operations

Private sector general insurance firm Future Generali India Insurance on Monday said that it achieved break-even in fiscal year 2013-14, sixth year of its operations, with profit of Rs 39.62 crore. It had registered a loss of Rs 19.7 crore in FY 2012-13.

The gross written premium for FY' 2013-14 increased by 13 %, to Rs 1,303 crore as against Rs 1,151 crore last year. The total direct premium of the company grew by 14% to Rs 1,263 crore as against Rs 1,105 crore in FY' 2012-13.

“This has been a difficult year considering the overall economic situation and decreasing auto sales. However, the prudent approach that we followed in building a healthy book helped the company to post profits", Chief Executive Officer of the company Mr. K.G. Krishnamoorthy Rao said.

During the period, the company sold more than 9.5 lac policies, a growth of 11% from last fiscal and settled over 1.66 lac claims.

The investment funds under management as on March 31, 2014 stood at Rs 1, 494 crore.

Future Generali India Insurance is a joint venture between Kishore Biyani's led India's leading retaile Future Group and Italy-based insurance giant Generali. Future Group holds 74% stake in the company, while the rest 26% is held by Generali.

No comments:

Post a Comment

So, what do you think?