General Insurance Profit Before Tax
New Delhi, 30th April 2014: IFFCO Tokio General Insurance Company Ltd, today posted a 60.24 percent rise in net profit at 216 crores for the financial year ended March 2014. The insurer had a profit of Rs 134.7 crore in 2012-13. The company recorded profit before tax of Rs 322.50 crore as compared to Rs 196.28 crore in 2012-13, registering a growth of 64 percent. It reported a 12.9 percent jump in premium revenues at Rs 2,991.90 crore as against Rs 2,649.41 crore last fiscal. Explaining the future plans, Yogesh Lohiya, Managing Director & CEO, IFFCO Tokio General Insurance said the focus will be to grow in the retail segment and achieve sustainable growth. "We plan to penetrate more into rural areas and B and C class cities and would, in addition to traditional intermediaries, utilize cooperative societies or banks as our channel partners in those areas," he said. The company will work for re-engineering customer-centric processes for improving service delivery turnaround time, he added. IFFCO Tokio General Insurance is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO), India Potash Limited and Tokio Marine of Japan.