Future Generali posts over 58 pc growth in GWP in FY11

Future Generali India Insurance Company said it registered over 58 per cent growth.

Private insurer Future Generali India Insurance Company said it registered over 58 per cent growth in Gross Written Premium (total premium collection) at Rs 661 crore for the year ending March 31.

The company had achieved GWP of Rs 418 crore in FY 10,Future Generali India Insurance said in a statement here. The number of policies sold,went up by 23 per cent to 681,940 during the year,as against last fiscal year.

We are overall optimistic about the business prospects for 2012. In particular,we expect the Motor TP pool results to be more healthier this year,thanks to increase in the motor third party insurance rates announced by the regulator. We are looking at growing our retail insurance portfolio through Mallassurance,Agency and Bancassurance, Future Generali India Insurance Company Managing Director and CEO KG Krishnamoorthy Rao said.

With health insurance portability around the corner,companies with superior service levels have an opportunity to gain competitive advantage,Rao added. The general insurance company is a joint venture between Future Group and Generali of Italy,which currently operates out of 94 branches across the country. Future Generali’s insurance products and services are also distributed through 163 Future Group retail outlets across the country with Future Generali’s unique Mallassurance model.