New Delhi:
Delhi based IFFCO Tokio general insurance reported a 34 percent growth in its GWP to Rs.1646 crore in the first quarter ended in June. The company’s GWP during the same period last year was Rs.1233 crore.
The company’s net profit at Rs 189 cr had fallen by 55 per cent in 2017-18 as compared to Rs 427 crore in 2016-17 . Profit Before Tax (PBT) of the company at Rs. 619 crores, up 140 per cent in 2017-18 as compared to Rs 258 croresin 2016-17.
IFFCO Tokio had recently rejigged its organisational structure by adding focused distribution verticals like Agency, Brokers, Bancassurance, Corporate, Government and Digital channels to enable focussed approach with complete accountability and to enhance customer satisfaction levels.
“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 Warendra Sinha, MD & CEO, IFFCO Tokio General Insurance.
“We plan to widen our geographical spread by adding over 200 more customer touch points and launch customer-centric digital initiatives in the coming months. With a strong focus on the execution of the restructuring exercise, we hope to be on the growth track at a faster pace”, said Anamika Roy Rashtrawar, Director (Marketing), IFFCO Tokio General Insurance.
One of the key growth drivers for the company was Health portfolio, which grew by 85 per cent followed by Marine and Engineering.
IFFCO Tokio paid claims worth Rs1,686crore in Q1. The company’s solvency ratio is stable at 1.75 percent as at the end of June 2018.
IFFCO-Tokio General Insurance had seen its gross premium rising by 1.27 per cent to Rs. 5707.22 crores in 2017-18 from Rs 5635.7 crores in 2016 – 17.
Market share of the company among private insurers is at 7.64% as on March, 2018.