IFFCO-Tokio General Insurance Gross up by 8.47 percent
IFFCO Tokio General Insurance Co. Ltd., a trusted player in general insurance announced its financial results for the year ending 31st March’2010. The company reported premium revenues of Rs. 1513.58 Crores as compared to Rs. 1395.40 Crores in 2008 - 09, up by 8.47 percent.
The company has registered PBT (Profit before Tax) of Rs. 38.61 crores in the current financial year as compared to Rs. 6.92 crores in 2008 - 09.
Talking about significant growth in profits, Mr. S Narayanan, Managing Director & CEO, IFFCO Tokio General Insurance Co. Ltd. said, “Our strategy to exercise strict underwriting controls and better claims management has yielded results in a reduction of the loss ratio in Marine Cargo, Motor and Health portfolio. Similarly, we have achieved better efficiency by reducing the expense ratio”
Explaining the future plans, he added “Our focus will be to achieve sustainable growth by curtailing loss prone and unviable class of business and enhancing the quality of our products in the retail segment. We plan to penetrate deeper into rural areas and B & C class cities and would, in addition to traditional intermediaries, utilize cooperative societies/banks as our channel partners in those areas. To enter the untapped market, we would launch products after an in-depth study of the mind of the rural population and would review products continuously to make them customer-friendly and suit the changing requirements.”
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoters’ contribution is 74 percent; while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Pte Ltd. IFFCO Tokio has a widespread presence in more than 170 locations across the Country and many more in the offing for the coming year. The objective is to cover the enormous spread of the Country and reach the masses.