Future Generali India Insurance Company Ltd, the general insurance joint venture between Future Group of India and Generali of Italy, has registered a 53% growth of its gross written premium–significantly higher than the industry average, in the company’s fourth full year of operations ending 31st March 2012.
Motor insurance business contributed 57% to the company’s overall premium for the FY 2011-12 and registered a growth of 67% over FY 2010-11.
The total gross premium underwritten by the non-life insurance sector for FY 2011-12* stood at Rs 58,344 crore, which is 23% over FY 2010-11, (private non life up by 25% and the public non life insurance sector up by 22%).
KG Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance Company, said, “We have witnessed a significant growth across all our lines of business. Our gross premium earnings of Rs 936 crore in FY 2011-12, as against Rs 612 crore in FY 2010-11, is particularly encouraging given the increasingly competitive and volatile market scenario with the continued pressure on premium rates. Our focus remains on ensuring our continued delivery of high quality customer centric products & services at competitive prices while maintaining a healthy balanced portfolio across business lines”
He further added, “Looking forward into the 2012-13 FY, we have a very positive outlook and expect healthy growth to continue. Through our unique Mallassurance™ channel as well as our robust and growing Agency and Bancassurance channels, we are looking at significantly increasing our retail insurance presence this year.”
Future Generali India Insurance currently operates out of 84 branches across the country.