Private general insurer Future Generali India Insurance on Monday said it achieved break-even in 2013-14, its sixth year of operations.
Future Generali Insurance reported a net profit of ₹39.62 crore in FY 13-14 as 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 from ₹1,151 crore last year. The total direct premium of the company grew by 14 per cent to ₹1,263 crore as 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 from last fiscal and settled over 1.66 lakh claims. The investment funds under management as on March 31, 2014 stood at ₹1,494 crore.
K.G. 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 to 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.
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Published on June 16, 2014
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