Cigna TTK Health eyes Rs 400-cr premium in FY17

Private health insurer Cigna TTK Health Insurance, which has set a target to breakeven by 2019-20, is expecting nearly a three-fold growth in total premium at Rs 400 crore this fiscal.
"We expect to continue with the triple digit growth trend in FY2016-17 as well," Cigna TTK Health Insurance Managing Director and Chief Executive Officer Sandeep Patel told PTI here.
Cigna TTK Health Insurance's total premium stood at Rs 144 crore in FY2015-16, he added.
The company, which has a strong presence in the north, is planning to expand its presence deeper across the country, especially in the tier II cities across the country, he said.

"We are present in 41 cities across the country and have 15 branches. We are planning to expand to 10 more cities in this financial year, mostly deeper into the tier II cities," Patel said.
When asked about the company's presence in the North-East, Patel said, Cigna TTK Health Insurance has some presence in the region, however, the insurer is working at deeper penetration in the area.

The company, which has six products, has two products in the approval process and is developing two more.
"We have 2 products in the pipeline, which awaiting regulatory approvals. We are also working at two more products which are at developing stage," he added.

On US-based global health-service leader Cigna Corporation increasing its stake in CignaTTK Health Insurance (CignaTTK), Patel said, the process has begun and the decision will be taken during this fiscal.
"Our global partner, Cigna is committed to increasing its stake to 49 per cent from the current 26 per cent. The process has started and we are expecting the decision to be taken in this financial year," he added.
Cigna TTK Health Insurance Company is a joint venture between the US-based global health service leader, Cigna Corporation and Indian conglomerate TTK Group.