Future Generali net up by 50% Rs 60.29 cr in FY15

Future Generali India Insurance today recorded a 50 per cent increase in net profit to Rs 60.29 crore for the year ended March 2015 as compared to Rs 39.62 crore the previous fiscal on account of better performance in motor and health insurance segments.
"While our motor insurance premium increased to Rs 830 crore in FY15 against Rs 700 crore in FY14, my company's premium income coming from health insurance also increased to Rs 180 crore in FY15 from Rs 160 crore in FY14," Future Generali Managing Director K G Krishnamoorthy Rao told PTI.
This is the second consecutive year that the general insurance company has reported a profit since it started operations in 2007.

Gross Written Premium (GWP) for FY15 stood at Rs 1,480 crore as compared to Rs 1,303 crore in FY14, registering a growth of 14 per cent.
The company, a joint venture between Future Group and Generali sold more than 11.32 lakh policies in FY15 against 9.74 lakh policies sold last fiscal, registering an increase of 16 percent and settled over 1.84 lakh claims in FY15.
The asset under management (AUM) increased by 32 percent to Rs 1,975 crore in FY15.

The networth increased to Rs 456 crore from Rs 395 crore in the last fiscal. The solvency ratio, a measure of capital strength, increased to 1.66 as compared to 1.62 last fiscal, against the regulatory mandate of 1.5.

The company's business mix at the end of FY15 was at 57 per cent in motor, 10 per cent in health, 14 per cent in fire and engineering and 19 per cent among others.
The company plans to increase its GWP by 20 per cent by the fiscal-end.
"We plan to increase our GWP by more than 20 percent from currently Rs 1,480 crore to Rs 1,800 crore by the fiscal-end," he said.
"Our focus for the current fiscal will be on private cars and rural insurance businesses," he added.