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Magma HDI General expects to breakeven by 2015

The private general insurer has collected premiums worth Rs. 950 million in the last five-six months

May 10, 2013 12:47 IST | India Infoline News Service
Kolkata-based Magma HDI General Insurance on Thursday said that it expects to breakeven by March 2015, according to a media report.

Magma HDI General—started its operations from 1 October 2012—said that general insurers take over five years to achieve break even. But the company expects to break even by around two and half years after its commencement as its cost of operations is low, the report added.

Magma HDI said that it uses its existing Magma Fincorp branches for the insurance business.

The private general insurer has collected premiums worth Rs. 950 million in the last five-six months.

Magma HDI General is a joint venture between Kolkata-based Magma Fincorp Ltd and Germany-based HDI-Gerling International Holding AG.

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