Future Generali India Insurance, a joint venture between India’s leading retailer Future Group and Italy based insurance major Generali, posted a profit of Rs.39.62 crore in FY 13-14 against a loss of Rs.19.70 crore last fiscal. This is a landmark result for the company being the first year of break-even in just 6 years of operations.
The gross written premium for the year saw a 13 percent surge to Rs.1, 303 crore as against Rs.1, 151 crore last year. The total direct premium of the company grew by 14 percent to Rs.1, 263 crore as against Rs.1, 105 crore in FY 12 -13.
In FY13 – 14, Future Generali India Insurance sold more than 9.5 lakh policies, a growth of 11 percent from last fiscal and settled over 1.66 lakh claims. The investment funds under management as on March 31, 2014 stood at Rs.1, 494 crore.
Commenting on the results, Mr. 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. Now that we have reached our break-even, we hope to continue with this growth momentum. With a stable Government at the centre we expect the economy to revive which augurs well for general insurance industry. In the current fiscal, we will concentrate on product innovation, expanding our agent base and enhancing customer experience".