Free Press Journal

Tata AIG General sees 13% growth in premium in FY14


Mumbai: Private general insurer Tata AIG is eyeing around 13 per cent growth in premium in the current financial year and hopes of posting underwriting profit during this period.

“The general insurance industry reflects the trend in the general economy. We have grown around 13 per cent in premium terms till now and hope to end this fiscal with the same rate of growth,” Tata AIG General Insurance Chief Executive Kaushal K Mishra told PTI in an interaction today.

The company hopes to post underwriting profit in FY14 as the past three quarters have been profitable, he said.

The general insurer reported a profit before tax of Rs 202 crore in the first nine months of this fiscal.

Asked about capital support from promoters, Mishra said the company would not require any infusion as of now as it has adequate internal accruals to fuel future growth.

He said the company would come up with group mediclaim products going ahead.

“We have filed group mediclaim products for approval with the regulator (IRDA),” Mishra said, but added the company would be prudent in its risk taking in this segment.

The general insurer is a joint venture between the Tata Group and American International Group (AIG). The Tata Group holds majority stake in the JV, which started operations in January, 2001.     It posted a 13.98 per cent rise in premium collection to Rs 1,756.38 crore in the first nine months of the current financial year.