Tata AIG General Insurance achieves 60 percent growth in profits

logoNew Delhi: Tata AIG General Insurance has registered a profit before tax of Rs. 239 Cr in FY13-14, which is 60% higher than its FY12-13 results.

The Consumer line of business has contributed to 64% of the total business showing a substantial increase and acceptance of GI products in the retail market. Tata AIG General Insurance, with its strong underwriting skills and aggressive growth strategy, further reiterated its leadership in Commercial lines with a Gross Direct Premium of Rs. 860 Cr versus prior years’ Rs. 743 Cr with a GDP accretion of Rs. 117 Cr which is the second highest amongst all Private General Insurers. Tata AIG General Insurance continues to have a balanced and healthy mix of Consumer and Commercial lines business.

Commenting on the announcement of their year-end results, Mr. Kaushal K. Mishra, MD & CEO, Tata AIG General Insurance, said, “We have concluded this year with a Gross Written Premium of Rs. 2456 Cr. Our sound Insurance business model based on ‘Customer Centricity’ and Underwriting acumen has ensured that we maintain a high, yet sustainable growth rate year on year.”

“Tata AIG General Insurance has made an underwriting profit excluding motor pool of Rs. 15 Cr with a combined ratio of 99%. Our solvency stands at 1.59, much above the threshold limit of 1.50. The Board has recommended a dividend of 10%; another first in the Company’s history.”

Speaking on the company’s strategy for the next year, he elaborated, “We believe that innovation is the way ahead. We have recently launched an insurance cover for Cyber Crime and a new revised D&O Cover. In the retail segment, we have launched two new health covers . Few more are in the pipeline – both in Commercial and Consumer lines”

“We believe that to deepen Insurance penetration, all Insurance companies must work on strengthening its distribution. While increasing penetration, it is also important to enhance customer experience. We intend to aggressively focus on both expanding distribution and customer experience in the new fiscal.”

Continuing its aggressive strategy, Tata AIG General Insurance is expanding its presence by adding 40 more branches across India in the next two years.

Tata AIG General Insurance, a joint venture between Tata group and American International Group (AIG) is one of the fastest growth oriented , sustainable (consistent Underwriting practices based) company amongst private General insurers.

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OdishaInc Bureau