Future Generali India Insurance net profit jumps 50 pc to Rs 118 cr in 2018-19

Future Generali India Insurance (FGII) Tuesday posted a jump of nearly 50 per cent in its net profit to Rs 118 crore in the financial year ended March 2019.

The insurer had registered a net profit of Rs 79 crore in preceding year 2017-18. FGII is a joint venture between Kishore Biyani-owned retail giant Future Group and global insurer Generali.

New technology innovations, better customer experience, increased contribution from retail lines of business, have been the key drivers towards the company's growth, FGII said in a release.

Revenue for 2018-19 grew by 33.3 per cent to Rs 2,601 crore.

The company's asset under management (AUM) rose to Rs 3,629 crore in 2018-19 as against Rs 2,992 crore a year ago.

Future Generali India Insurance serviced more than 18 lakh policies in 2018-19, it said.

"Going forward, we aim to be at the forefront of technology investments. We plan to continue building our distribution network of agents, expand our geographical boundaries, and are open for new partnerships with non-traditional players (e-commerce, payments service providers)," said Shreeraj Deshpande, principal officer and chief executive officer (officiating)), FGII.