Future Generali India Life Insurance registers 255% growth in Total Premium with Rs. 541 crores in its second full year of operation
Rs. 150 crores GWP achieved in March 2010 only
Mumbai, May 18th, 2010: Future Generali India Life Insurance Company Ltd has registered a 255 percent growth in Total Premium for FY 09-10. In the Company’s second full year of operations ending 31st March 2010, the total premium income amounted to Rs 541.51 crores of which Rs 486 crores was generated from New Business Premium (NBP) and Rs. 55.44 crores from renewal premium. New business premium grew by 224 percent in FY 09-10.
The Rs. 150 crores earned in March 2010 alone equals the total premium collection of Future Generali Life’s first full year of operations in 2009 (Rs. 152.6 crores). For March 2010, new business premium accounted for Rs. 128 crores of the Rs. 150 crores earned.
As on 31st March 2010, Future Generali Life also witnessed a rise of 224 percent in terms of individual policy holders with 335,693 individual policy holders, as against the previous year’s figure of 103,663 individual policy holders.
Expressing satisfaction at the positive performance achieved in the face of several market and economic challenges, Deepak Sood, CEO, Future Generali India Life Insurance Company said, "Our foremost task was to keep up the growth momentum achieved during our first full year performance in 08-09. To me the most significant achievement of 09-10, was our success in reaching out to so many more customers, with over 335,000 individual policies issued in comparison to 08-09 - a growth of 224%. It re-enforces our commitment to offering Total Insurance Solutions to Indian customers, and to build on the trust & confidence that define both our parent Groups – Future Group and the Generali Group. We look forward to the next financial year ahead in terms of growth and opportunities to provide superior service to our customers".
As of 31st March 2010, Future Generali India Life Insurance Company had over 42,000 advisors up from 24,000 advisors (in 08-09) in the previous years, and operated with 92 branches across the country. The Company has been the first to introduce a composite advisor model wherein they train and equip advisors to provide customers with ‘Total Insurance Solutions’ across Life and General Insurance. Future Generali’s Insurance products and services are also distributed through 163 Future Group retail outlets across the country with Future Generali’s unique Mallassurance™ model*.
*The financial data in this press release refers to local accounting standards.
