Companies

IFFCO Tokio net profit jumps 60%

Deepa Nair Mumbai | Updated on April 30, 2014 Published on April 30, 2014

Private general insurer IFFCO Tokio General Insurance has reported a 60 per cent increase in net profit at Rs 216 crore in 2013-14 against Rs 134.7 crore in the year-ago period.

The company has reported a 12.9 per cent increase in premium revenue of Rs 2,991 crore compared with Rs 2,649 crore in 2012-13.

The general insurer has registered profit before tax (PBT) of Rs 322.50 crore in the current financial year compared with Rs 196.28 crore in 2012-13.

Yogesh Lohiya, Managing Director & CEO, IFFCO Tokio General Insurance Co. Ltd., said, “Despite tough economic and market conditions, the growth of the company has been more than the growth of the industry and profit before tax has surged by 64.3 per cent compared to last fiscal year. The company has succeeded in breaking the combined ratio benchmark and recorded the same at 99.9 per cent with underwriting profits of Rs 1.91 crore. This achievement has been possible by implementing strict underwriting policies; focus on economical and speedy settlement of claims and exercising stringent control on expenses of management.”

Explaining the future plans, he said: “Our focus will be to grow in retail segment and achieve sustainable growth. We plan to penetrate more into rural areas and B & C class cities and would, in addition to traditional intermediaries, utilise cooperative societies/banks as our channel partners in those areas. We would continuously review our products to make them customer friendly and launch new products to suit the changing requirements. The company will work for re-engineering customer centric processes for improving service delivery turnaround time.”

Published on April 30, 2014
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