Magma HDI aims Rs 600 crore premium collection in FY'15

City-based non-life insurer Magma HDI General Insurance today said it aims Rs 600 crore premium collection in 2014-15.
"We have clocked Rs 425 crore gross written premium in 2013-14. Business from motor along with other products will help to grow the premium collection this year to Rs 600 crore," said Swaraj Krishnan, MD & CEO, Magma HDI.
The company, a joint venture between city-based Magma Fincorp and German insurance major HDI, said it has filed products with the regulator for health insurance, a segment that accounts for close to 30 per cent business of the industry.
Krishnan said the company was leveraging the expertise of HDI in offering insurance to infrastructure sector.

The company came into operation in mid of 2012 and till FY'14 its dependence was on motor business which has now been reduced from 92 per cent to 75 per cent, Krishnan said, adding that 30 per cent of the business in the last fiscal was from its promoter Magma Fincorp.
The company also plans to increase its agent strength from 1,900 to 2,500 and is working closely with rural banks to spread its reach, Magma HDI Head (Retail) Debasis Sanyal said.