Annual Report

This year’s Annual Report pays tribute to our Indo-Italian partnership, showcased through the palatable lens of rich cuisine that is a hallmark of both Indian and Italian cultures. Curated in a cook-book style, each section of the Annual Report is based on different meal courses and interspersed with mouth-watering recipes — one authentic Indian recipe, one authentic Italian recipe and one fusion recipe to celebrate the coming together of both cultures.

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SECTION 1

Antipasti

Bhojan ka Parichay

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SECTION 2

Primi

Aarambh

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SECTION 3

Secondi

Sabzi

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SECTION 4

Contorni

Sabzi ke saath

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SECTION 5

Formaggi-e-frutta

Anth ke pehle

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SECTION 6

Dolce

Mithas

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SECTION 7

Caffe

Akhirkaar

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SECTION 8

Digestivo

Jaljeera

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INTRODUCTION TO THE COMPANY

Serving India’s Needs with Expertise

Future Generali India Insurance Company Limited (FGII), India’s fastest-growing private general insurance company amongst the Top 10, thrives on the rich experience of the Future Group and the technical expertise of Generali.

Key highlights

121

Branches

20,000+

Agents

3,000+

Corporate clients

1.5 crores+

Policies sold across India

Vision

Our vision is to actively protect and enhance people's lives

Mission

Our mission is to be the first choice by delivering relevant and accessible insurance solutions

Values

- Deliver on the promise
- Value our people
- Live the community
- Be open

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MESSAGE FROM THE CHAIRMAN

Thriving in the
'New Normal'

"In line with a dynamic and constantly changing landscape, we are redefining our work processes and speed of innovation. Today, we are a truly customer-led company and have established a platform to evolve and grow. As we scale up to the future opportunities, we will continue to bring in new initiatives and technology to capture new growth possibilities."

G. N. Bajpai

Chairman

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Message from MD & CEO

MESSAGE FROM THE MD & CEO

Driven by People,
Products and Partnerships

"Following a three-pronged approach, we invested heavily in developing relevant and affordable products, creating a nurturing work environment for our employees, and adopting digital technology to support our agents and partners, which helped expand our customer segments."

Anup Rau

MD & CEO

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Message from Chairman

KEY PERFORMANCE INDICATORS

Delivering Stable and Profitable Growth

FY 2020-21 was a year marked by significant volatility. Our stable performance, despite an overwhelmingly adverse external environment, is a testimony of our strong fundamentals and resilience.

Asset Under Management (` in crores) 27.26%

AUM (` in crores) 27.26%

y-o-y growth

Net Worth (` in crores) 16.42%

Profit After Tax (` in crores) 34.79%

y-o-y growth

Claim Ratio (%)

Gross Written Premium (` in crores) 11.73%

GWP (` in crores) 11.73%

y-o-y growth

Solvency Ratio (%)

PBT/GWP (%)

NCOR (Combined Operating Ratio) (%)

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OPERATIONAL HIGHLIGHTS

Creating Value with Foresight and Agility

Motor Insurance

`1351.38 cr

Gross Written Premium

-0.30%

`813.47 cr

Net claims paid

Non-motor Insurance

`2,018.93 cr

Gross Written Premium

21.53%

`293.73 cr

Net claims paid

Health Insurance

`528.59 cr

Gross Written Premium

11.77%

`340.59 cr

Net claims paid

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Led by Continuous Innovation

The year under review started amid an unprecedented lockdown and uncertainties arising due to the pandemic. Our primary focus was to ensure the safety and well-being of our employees and intermediaries in these testing times.

FY 2020-21 Key Highlights

Recruited, trained, and deployed 1,700+ new agents/Point-of-Sales Person (POSP)

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Building a Strong Network

At FGII, it is our constant endeavour to nurture long-term strategic relationships with banks. We strive to foster new relationships while strengthening our existing partnerships. Our team works with an aim to motivate our partners to cross-sell, up-sell, and consolidate the business.

FY 2020-21 Key Highlights

Successfully renewed Bank of Maharashtra tie-up for next three years

Continue d operations till July with minimum staff due to COVID-19 restrictions

Covered shortfall of first five months in the remaining seven months of the year

Business mix – 92% non-motor and 8% motor

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STRATEGIC FOCUS AREAS

Fueling Seamless Operational Synergies

Our growth strategy revolves around the customer and their evolving aspirations. Our ability to seek more opportunities in the retail segment, develop customised solutions, and come up with innovatively designed distribution strategies forms the basis for our way forward.

Expanding Distribution Reach

Focus on Retail Health

Scaling up 2-wheeler business

Technology Transformation

Building a Strong Brand Connect with Customers

Progressing with a People-first Approach

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Initiatives in the year

BRAND AND DIGITAL FOOTPRINT

Making a Difference

At FGII, our overriding focus is to use our insurance expertise to genuinely fill need gaps, provide an efficient customer experience and eventually earn our customer’s trust and loyalty. Our objective is to be a lifetime partner for our customers and eventually build a brand that stands for Simplicity, Innovation, Human Touch and Ownership.

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IT TRANSFORMATION

Taking Digitalisation to the Next Level

A pervasive digital revolution is influencing the way we operate at present and formulate strategies for the future. Our digital tools enable us to serve our customers better in terms of how we design our products and enhance personalisation in our services.

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CUSTOMER CENTRICITY

Tailored to Meet Customer Needs Across Segments

Our customers are at the centre of all our strategies, and we craft appropriate solutions to address their evolving aspirations. We, at FGII, have a state-of-the-art NPS (Net Promoter Score) system as our customer feedback mechanism.

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EMPLOYEE CENTRICITY

Prospering in a Positive Environment

Our diverse workforce brings together a wealth of domain knowledge and expertise, thereby helping us to accomplish our strategic objectives. Our high-performance and customer-centric culture, supported by collaboration at all levels, has helped us reap the benefits of sustained growth while adapting to the new normal.

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OPERATING ENVIRONMENT

Responding to Dynamic Trends

We operate in a complex environment, and our business is potentially vulnerable to a wide range of factors, all of which are constantly changing, and we are constantly adjusting our business to this evolving environment.

Customer preferences are evolving

Customers are spending more and more time on digital platforms and getting accustomed to a highly personalised and seamless experience.

Products that help migrate from protection to prevention

This is especially true for health, where companies promptly push for better health outcomes for customers, reducing claim expenses.

Focus on driving
digitalisation

Digital technologies have emerged as a key growth enabler, providing increased convenience and transparency.

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RISK MANAGEMENT

Managing Uncertainties with a Holistic Approach

Risk mapping and mitigation are integral to the formulation and delivery of our strategy. We have created an established risk management and internal controls framework to identify, assess, mitigate, and monitor emerging risks and uncertainties, allowing us to create and protect value.

Strategic Risks

Identification, assessment, and monitoring of risks that could impact the achievement of defined strategic objectives of our Company.

Investment Risks

Inability to meet prospective liabilities/obligations or generate reasonable risk-adjusted returns can lead to income loss and business interruption.

Solvency Risks

Inability to maintain an adequate solvency ratio may stress our balanc e sheet in case of significant unforeseen exigencies.

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Board of Directors

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COMMUNITY DEVELOPMENT

Committed to Societal Well-being

As a sustainability-focussed responsible business, our consistent focus is to help drive positive societal transformation. Through several initiatives targeting marginalised communities, we lend our hands to uplift those in need. Our intervention areas comprise health and education.

Project Ankur

We have has been implementing Project Ankur in 17 Anganwadi centres in the Panvel and Karjat regions of Maharashtra in collaboration with United Way Mumbai.

STEM

STEM project, supported by Future Generali India Insurance Co. Ltd is being implemented in Panvel, Maharashtra, in collaboration with United Way Mumbai.

School Library

The project 'School 'Library' is being implemented in collaboration with Room to Read to inculcate the habit of reading amongst children, develop their reading skills, help children access the rest of the curriculum, and empower them to be lifelong learners.

The Recipes