OTHER GROUP COMPANIES
market

Magma Fincorp gets IRDA approval to enter general insurance

In 2009, Magma Fincorp had signed a joint venture with German insurer HDI-Gerling International Holding

July 19, 2012 4:50 IST | India Infoline News Service
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.

Invest wise with Expert advice

FEATURED ARTICLE

BLOGS

Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp