Iffco-Tokio Eyes 100% Premium Growth

Iffco-Tokio General Insurance Company Ltd (ITGI) is aiming at 100 per cent growth in premium income at Rs 180 crore during the current financial year.

Ajit Narain, managing director, ITGI, who today signed an agreement with the Andhra Pradesh State Financial Corporation for distributing its products in the state, said the company had recorded a premium income of Rs 90 crore in the first year of its operations, probably the highest among private general insurance players.

"Armed with a well-diversified portfolio of products and 22 major outlets in the country with complete connectivity, our business strategy is to remove hassles traditionally associated with insurance", Narain said.

Apart from standard products, the company is also involved in designing reinsurance-driven package covers for customers. "We are constantly reviewing our products to make them more customer-friendly", Narain said.

He said the paid-up capital of the company, which currently stands at Rs 100 crore, may not be increased for now as the company enjoys a comfortable solvency ratio.

ITGI is a 74:26 joint venture between Indian Farmers Fertilisers Cooperative Ltd and The Tokio Marine and Fire Insurance Company Limited, the largest general insurance company in Japan.