Future Generali breaks even with net profit of ₹39.6 cr

Private general insurer, Future Generali India Insurance, on Monday said it achieved breakeven in 2013-14, its sixth year of operations.

Future Generali Insurance reported a net profit of ₹39.62 crore in FY13-14 against a loss of ₹19.70 crore last fiscal.

The gross written premium for the year saw a 13 per cent surge to ₹1,303 crore against ₹1,151 crore last year.

Total direct premium The total direct premium of the company grew by 14 per cent to ₹1,263 crore against ₹1,105 crore in FY12-13. In FY13-14, Future Generali India Insurance sold more than 9.5 lakh policies, a growth of 11 per cent over the last fiscal and settled 1.66 lakh claims. The investment funds under management as on March 31, 2014, stood at ₹1,494 crore.

KG Krishnamoorthy Rao, CEO, Future Generali India Insurance, said, “This has been a difficult year considering the overall economic situation and decreasing auto sales. However, the prudent approach that we followed in building a healthy book, helped the company post profits. In the current fiscal, we will concentrate on product innovation, expanding our agent base and enhancing customer experience.”

Future Generali Insurance is a joint venture between India’s leading retailer Future Group and Italy-based insurance major, Generali.