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Iffco-Tokio reports 34 percent growth Q1 in premium collection

The company - a joint venture between fertilizer manufacturer in the co-operative sector Iffco and Japan-based Tokio Marine Group - had mobilized gross written premium of Rs 1,233 crore in the April-June quarter of the last fiscal.


PTI 29 Jul 2018, 09:37 AM India

General Insurance firm Iffco Tokio has reported a 34 percent rise in the premium collection to Rs 1,646 crore in the first quarter ended June.

The company - a joint venture between fertilizer manufacturer in the co-operative sector Iffco and Japan-based Tokio Marine Group - had mobilized gross written premium of Rs 1,233 crore in the April-June quarter of the last fiscal.

The company's solvency ratio stood higher at 1.75 percent at the end of June 2018 against the regulatory norm of 1.5 percent.

"Our Q1 growth is a result of our focussed approach. It is heartening that our growth was above the industry growth during the same period," said IFFCO Tokio General Insurance MD and CEO Warendra Sinha.

One of the key growth drivers was health insurance, which grew by 85 percent followed by marine and engineering, he said.

The company plans to widen geographical spread by adding over 200 more customer touch points and launch digital initiatives in the coming months, he said.

With a strong focus on the execution of the restructuring exercise, the company hopes to be on the growth track at a faster pace, he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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