IFFCO Tokio 10th Anniversary

New Delhi, 09 December 2010: IFFCO Tokio General Insurance Co. Ltd., a trusted player in general insurance completes ten grand years tomorrow. The company is celebrating a decade of continuous growth, innovation, and commitment to its stakeholders – customers and partners alike. Since it's inception in December 2000, IFFCO Tokio has come a long way from a modest beginning to an Rs 1875 Crore company with a presence in over 440 locations in the country.

Speaking on the occasion, Mr. S. Narayanan, MD & CEO, IFFCO Tokio General Insurance Co. Ltd said, "IFFCO Tokio's ten brilliant years marks an important milestone in the history of our company. As a pioneer in fertilizer manufacturing, IFFCO stepped into the Indian insurance sector to diversify its business and provide value-added services to its customers. As a global player with an impeccable history and strong experience, Tokio Marine was the perfect match. The synergies of both the JV partners helped us make strong inroads into the growing Indian insurance market. I have no doubt, that in the coming decade, we will grow stronger. We look forward to making all our customers and stakeholders 'MUSKURATE RAHO' by touching every part of their lives with our products & services."

He added, "We are perhaps the only company to have shown consistent profits and positive growth since the beginning. IFFCO Tokio will work towards maintaining its market share by constantly reviewing the product portfolio and keeping the claims settlement process swift and simple. While retail will be our growth driver especially in Health and Motor, we will focus on commercial lines of business as well. During the next couple of years, we will concentrate further on developing the Agency channel. We aim to achieve a Gross Written Premium of Rs. 2750 Crores with Profit Before Tax of around Rs. 150 Crores by FY 2013-14."

Also speaking on the occasion, Mr. N. K. Kedia, Director – Marketing, IFFCO Tokio General Insurance Co. Ltd. said, "Our arrangements with the automobile majors have contributed immensely to our premium income. Backed by sustained growth and profitability, we will continue to grow in the traditional sectors and take our pioneering work in microinsurance to greater levels. Our farmer-based products like Sankat Haran, Barish/ Mausam Bima Yojana, Janta Bima Yojana will continue to be distributed in an effective manner and we are committed to increased participation in social schemes like Rashtriya Swasthya Bima Yojana. Sankat Haran Bima is a unique personal accident policy with respect to policy issuance and claims settlement covering crores of farmers under a single policy. So far, more than 10,000 families have been benefited under this policy with claim disbursement to the tune of Rs 61 Crores."

Mr. Y. Fukuda, Director – Operations, IFFCO TOKIO General Insurance Co. Ltd. said, "Our experience in India has been a unique and rewarding one. In this changing environment, we have a clear focus, vision, and strategy for sustained profitable growth. We will continue to bring global best practices to the Indian market through this joint venture."

Key Milestones over the past ten years:

May 2000

Signing of MOU

September 2000

 Incorporation of IFFCO-Tokio General Insurance

December 2000

License Received

January 2001

First Policy is underwritten

2002-03

Maiden Dividend Declared

2003-04

  • Setting up of Customer Service Centres (CSC)
  • Setting up of IFFCO-Tokio Insurance Services

2004-05

Crossed 500 Crores of GWP

2006-07

Crossed 1000 Crores of GWP

20009-10

Crossed 1500 Crores of GWP

About IFFCO TOKIO General Insurance Co. Ltd.

IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO), the world's largest fertiliser co-operative and its associate and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoters' share is 74 percent; while Tokio Marine's share is 26 percent through Group Company Tokio Marine Asia Pte Ltd. IFFCO Tokio has a presence in more than 440 locations across the Country and is one of the leading Non life insurance companies.