Financial Daily from THE HINDU group of publications
Tuesday, Feb 21, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 21, 2006 |
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Money & Banking
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General Insurance IFFCO-Tokio General eyes overseas biz Sarbajeet K. Sen
New Delhi , Feb 20 IFFCO-Tokio General Insurance Co (ITGI) has started scouting for opportunities to expand its operations in markets outside the country. "We are looking at expanding abroad. Currently we are studying the business potential in different markets and the manpower that would be required to back our operations," Mr Ajit Narain, Managing Director and CEO, told Business Line. He added that West Asia and a few countries in North Africa are among the target markets. ITGI is a 76:24 per cent joint venture between Indian Farmers' Fertiliser Co-operative (IFFCO) and its associates from the Indian side, and Tokio Marine and Nichido Fire Group, the largest listed insurance group of Japan. The company was incorporated in December 2004 with its headquarters in Gurgaon. Mr Narain said that ITGI would consciously avoid markets where its Japanese promoters have a strong presence. "We are not going to compete with Tokio Marine and will look for countries where they are not present." On domestic expansion plans, Mr Narain said that the company would be leveraging IFFCO's network to penetrate in regions across the country. Mr Narain said that ITGI was also discussing the possibility of an IPO. However, he ruled out going public within the current fiscal. "Coming out with an IPO is in our mind. But it would not happen this year." The firm is also working on innovative covers for the farm sector. Mr Narain also said that ITGI had a profitable motor portfolio with claims ratio standing at around 63 per cent.
More Stories on : General Insurance | Overseas Investments
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