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Our Bureau

New Delhi, June 23

IFFCO-Tokio General Insurance Co Ltd (ITGI) has reported premium revenues of Rs 896 crore for the year ended on March 31, 2006, up by 79 per cent from 2004-05 and a profit before tax of Rs 24.1 crore.

ITGI increased its share capital by infusing Rs120 crore last year, taking the total share capital to Rs220 crore. As per the latest Insurance Regulatory and Development Authority figures, ITGI currently has a market share of 4.4 per cent as compared to 2.88 per cent last year.

Mr K. Srinivas Gowda, Chairman, ITGI said, "This year the premium revenue is close to Rs 900 crore, and we are confident that the Rs 1,000 crore mark is not far away." Mr Ajit Narain, the Managing Director and CEO of ITGI, said the key to growth in this industry was customer service. Last year, ITGI had sold 16 lakh policies and settled 1.4 lakh claims with an average claim settlement ratio of over 90 per cent.

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