Future Generali India Insurance has posted a profit of Rs 28.4 crore for nine months period ended December 31, 2013. The gross written premium for the period stood at Rs 944 crore as against Rs 855 crore for the same period last year.

The total premium collection for the quarter stood at Rs 319 crore as against Rs 307 crore last quarter. The company’s total premium collection for the same quarter in FY12 - 13 was at Rs 281 crore.

So far in the April to December period of FY13 – 14, Future Generali India Insurance sold more than 7 lakh policies, as opposed to 6.45 lakh policies during the same period last year. The claim settlement ratio also saw year on year increase to 91 per cent this year. The company’s total funds under management as on December 31, 2013 stood at Rs 1,460 crore.

KG Krishnamoorthy Rao, CEO, Future Generali India Insurance, said, “Though this year has been a challenging year due to the general slow down in the economy, we expect to close the financial year with a Gross Written Premium of nearly Rs 1,300 crore. We have concentrated on correcting our business mix in addition to expanding our agent base. Some of our business lines such as motor, health and the newly launched agriculture insurance have done quite well.”

Published on March 13, 2014