Future Generali India Life Insurance Company announced that the company estimates positive turn in its bottom line.
Future Generali India Insurance Company is a joint venture between Future Group of India and Generali Group of Italy. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. The Generali Group is a top player in the global insurance and financial markets. Established in 1831, today the Group is one of Europe’s largest insurance providers and the European biggest Life insurer. It is also one of the world’s top asset managers with assets totaling more than € 400 billion. With an employed sales force of more than 100,000 people serving 70 million clients in 68 countries, the Group occupies a leadership position in Western Europe and an increasingly important place in Eastern Europe and Asia.
Mr. Vineet Agarwal, Head, Agency and Alternative Distribution and Assurance Channel, disclosed before the media that with the introduction of its ‘New Business Premium’ (NBP) registering Rs. 150 crores for nine months ending December 2012 and based on analysis, the company is expected to do good business in the last quarter also, the company is set to enter into positive bottom line. He added that despite of deficit of Rs. 200 crores, as compared to previous year’s NBP of Rs. 350 crores during the nine months ending December 2012, the company is confident to wipe the losses and break even by the end of this financial year.
Another official from the company also disclosed the fact due to adverse market conditions; last couple of years the company had given negative results, however on account of improvement in market conditions and large premium collection, the company is poised to show a profit for the year ending March 2013.
He also revealed the company’s plan, that since the market is still considerably under-penetrated and the potential is immense, to increase the market share from current of 1.5% and grow its advisory base by employing more than 10,000 new advisors from different segments of the society to help them increase insurance penetration.
