Magma Fincorp has received IRDA (Insurance Regulatory and Development Authority) approval to enter general insurance joint venture business.
In 2009, Magma Fincorp had signed a joint venture with German insurer HDI-Gerling International Holding, an arm of the Talanx group. The two companies had floated a 74:26 joint venture company called Magma HDI General Insurance to start general insurance business in India.
Magma Fincorp reported a 94% rise in net profit to Rs. 330 million for the quarter ended June 30, 2012, compared with Rs 170 million in the same period last year. Income from operations grew by 53% to Rs. 3.25 billion. And disbursements grew by 45% to Rs 20.57 billion.