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After its recent foray into healthcare insurance, Liberty Videocon General Insurance Co Ltd plans to launch at least three new products in the next financial year.
Theyinclude an individual personal accident cover, travel insurance and a policy for livestock, said Roopam Asthana, Director and CEO, Liberty Videocon.
The company also sees potential in segments such as weather crop insurance, he said.
The company targets business of ₹10 crore from the health care product in financial year 2015-16 and is in the process of setting up a distribution network, Asthana told BusinessLine .
At present, motor insurance generates about 67 per cent of Liberty Videocon’s business. Non-motor insurance – property, engineering, liability and fleet insurance – accounts for the rest.
The company expects to clock ₹250 crore in the current year, almost a 100 per cent growth over the previous year’s ₹130 crore, Asthana said.
Liberty Videocon is a two-year-old joint venture between Videocon Industries and Liberty City State Holdings Pte Ltd. Videocon Industries owns a 77 per cent stake, while Liberty City State holds the remaining 23 per cent.
“We are currently in the process of raising capital of ₹300 crore from our promoters to fund growth plans,” said Asthana.
The current paid up capital of the company stands at ₹359 crore.
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