Future Generali to pump in Rs 335 cr in insurance biz

The promoters of Future Generali insurance, a joint venture between Future Group and Italian insurance major Generali, will invest Rs 335 crore by March 2009 in life and non-life insurance companies.

"In the life business, the company will infuse Rs 265 crore and Rs 70 crore in the non-life insurance," Future Generali India Insurance Co Managing Director and CEO Deepak Sood said here today on the sidelines of the launch of 'Future Freedom' life insurance product.

Future Generali has begun commercial operations from March 2008.

The current capital base of Future Generali India Life Insurance Company (life business) is Rs 335 crore and Future Generali India Insurance Co (non-life) is Rs 150 crore.

Sood said that the business target for the current year for life business is Rs 300 crore and Rs 200 crore is for non-life. In 2010, the company aimed at combined premium income of around Rs 1,000 crore.

It has introduced a new concept of 'mallassurance' to market its products. Mallassurance is selling of life and non-life insurance products in malls and stores of its own group. The company would sell products through 280 malls and 700 alliance partners by March 09'.

"We are looking at 8-10 per cent of total premium income from mallassurance this year and aim to increase it to 25-30 per cent in future," Sood said.

He said the company was also seriously looking into selling products through bancassurance and talks with some large banks were underway for tie-ups.

Sood said Future Generali agents would be authorised to sell both life and non-life products.

Future Generali India Insurance Co (non life) has applied with IRDA for products in motor, fire and engineering with some additional benefits and services new to the industry.