Iffco-Tokio clocks 34% growth in premium collection in Q1

General Insurance firm Iffco Tokio has reported a 34 per cent rise in premium collection to Rs 1,646 crore in the first quarter ended June.

The company - a joint venture between fertiliser manufacturer in the co-operative sector Iffco and Japan-based Tokio Marine Group - had mobilised gross written premium of Rs 1,233 crore in the April-June quarter of the last fiscal.

The company's solvency ratio stood higher at 1.75 per cent at the end of June 2018 against the regulatory norm of 1.5 per cent.

"Our Q1 growth is a result of our focussed approach. It is heartening that our growth was above the industry growth during the same period," said IFFCO Tokio General Insurance MD and CEO Warendra Sinha.

One of the key growth drivers was health insurance, which grew by 85 per cent followed by marine and engineering, he said.

The company plans to widen geographical spread by adding over 200 more customer touch points and launch digital initiatives in the coming months, he said.

With a strong focus on the execution of the restructuring exercise, the company hope to be on the growth track at a faster pace, he said.