ALSO READPepsico India CEO Shivakumar quits, to join Aditya Birla Group Aditya Birla Health Insurance to expand branch network Azim Premji picks up stake in Aditya Birla Capital for Rs703cr Aditya Birla Capital shares list on bourses; slip 5% Aditya Birla Group to wind up ecommerce venture Abof.com
Aditya Birla Health Insurance, a joint venture between Aditya Birla Group and South Africa based MMI Holdings Ltd, is expecting 75 per cent of its businesses to come from retail in the next five to six years, a company official said on Monday.
"In the last year (2016), we primarily started with corporate, while retail was low. In the first quarter of the current fiscal, about eight per cent of our business was from retail and in the second quarter, that became 32 per cent."
"It is growing fast. In the next five to six years we want not less than 75 per cent of our businesses to come from retail," Company's CEO Mayank Bathwal told reporters here.
The health insurer recorded a gross premium income of Rs 150 crore after one year of operation starting from October, 2016.
"Retail business constitutes about 20 per cent of our business currently while the rest comes from corporate," Mayank said.
Its gross premium income during April to September period of the financial year stood at Rs 96.2 crore.
In the corporate segment, the insurer would focus more on small and medium enterprises. "We are not keen to get into the space of large corporate and fight the pricing battle," he said.
The insurer has a pan India distribution presence across 34 cities, five bank assurance partners and over 8,821 direct selling agents.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)