Financial Daily from THE HINDU group of publications
Wednesday, Oct 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 01, 2003 |
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Money & Banking
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General Insurance Bajaj Allianz looking at Rs 400-cr premium income Our Bureau
Kolkata , Sept. 30 BAJAJ Allianz General Insurance Company is expecting a premium income of Rs 400 crore in the current financial year. According to Mr S. Ghosh, Chief Executive Officer, in the first half of the current fiscal Bajaj Allainz had recorded a premium income of Rs 210 crore after selling six lakh policies. "We have been registering a growth of 17 per cent per annum. We are confident of sustaining this growth," he told newspersons. Mr Ghosh was in town to sign a memorandum of understanding (MoU) with Golden Trust Financial Services (GTFS), an insurance selling body. GTFS has agreed to sell Bajaj Allianz's personal accident and householder policies. It has similar agreements with National Insurance and Iffco-Tokio in the general insurance segment. In the life insurance sector, it has agreements with Max New York Life and HDFC Standard Life. Mr Ghosh said that there was no immediate need to increase the capital of Bajaj Allianz, which stands at Rs 120 crore. "We will be comfortably meeting the solvency norms for the next three years."Mr Ghosh claimed that Bajaj Allianz has a market share of 2.8 per cent in the overall domestic general insurance market.
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