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Private insurance company Star Union Dai-Ichi Life Insurance has registered a 73.21 per cent growth in total premium collection at Rs 936.70 crore compared to the previous year.
“During the year 2010—11, the company has collected Rs 936.70 crore of premium. This performance enabled the company to register a growth of 73.21 per cent in total premium over the premium for the year 2009—10,” Star Union Dai—Ichi Life Insurance said in a release here.
The company has set a target to turn profitable within five years of commencement of business, its Managing Director and CEO, Mr Kamalji Sahay said.
The company, which has completed 26 months of business after receiving license from the Insurance Regulatory Authority of India (IRDA) in December 2008, has underwritten new business premium of Rs 1,323.89 crore since inception.
The new business of the company grew by 43.5 per cent.
“The company is expected to maintain its low cost operation model. The operating expense ratio for the year is expected to be below 15 per cent of total premium,” Mr Sahay said.
The private insurer collected Rs 182.81 crore as renewal premium, it said.
The company has also successfully settled about 90 per cent of death claims intimated up to March 31, the release said.
It has insured 3,53,994 lives under its various group schemes and has exceeded by a large margin the mandatory condition of 9 per cent of rural business.
About 23 per cent of company’s premium has been collected from rural areas, it added.
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