Future Generali aims at 250% premium growth

Future Generali, the joint venture between Italy-based Generali Group and the Biyani-led Future Group, has earned a new business premium income of Rs 345 crore from its life and non-life insurance operations in the last financial year.

While life has earned a total premium of Rs 150 crore, the non-life insurance collected a total business premium of Rs 195 crore in 2008-09.

“We are now targeting at a total premium income of Rs 350-400 crore from non-life and over Rs 900 crore from life insurance by March 2010,” said Future Generali non-life insurance Managing Director and Chief Executive Officer Deepak Sood.

He added that the capital base of the company in the life insurance category is at around Rs 500 crore and, in the non-life segment, it’s at Rs 190 crore.

“Capital is not a constraint for us. Both partners are well capitalised and the board has approved our capital needs. We will infuse funds as and when we need it,” Sood said.

Future Generali currently has around 100 branches across 100 cities and over 28,000 licensed advisors.

“We have earned two-thirds of our premium from agency forces. We would like to leverage this further and try out alternate channels of distribution too in order to achieve our target for FY10,” said Future Generali life insurance MD and CEO Jayant Khosla. The insurer is looking for bank assurance channels also.

Mall-assurance – the unique distribution channel of the Future group –contributed 10 per cent to the overall collection.

Khosla added that the company is eyeing a tie-up with four to five big corporate agencies and ten national brokers. It is also in talks with credit co-operative societies, micro-finance institutions and micro-insurance companies to sell products in rural areas.