Future Generali India Insurance posts profit of Rs. 28.4 crore at the end of Q3
Future Generali India Insurance, a joint venture between Future Group - the leading retailer of India and Generali – the global leading insurer, has posted a profit of Rs. 28.4 crore for 9 months 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 company has reported positive business growth both Q-o-Q and Y-o-Y. 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 percent this year. The company’s total funds under management as on December 31, 2013 stood at Rs. 1,460 crore.
Commenting on the quarter results, Mr. K.G. 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. 1300 crores. We have seen a balanced distribution of business across geographies and lines of business. 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".
