HDFC in an exchange filing declared completion of the share transfer from i...
HDFC Ergo, a 74:26 joint venture between HDFC Limited, India’s premier Housing Finance Institution & ERGO International AG, sees an additional capital infusion of approximately Rs 80 crore in the current and the next fiscal.
Ritesh Kumar, Managing Director and CEO, HDFC Ergo General Insurance Company said that they may need a capital infusion of around Rs 25-30 crores in the current fiscal, as around Rs 75 crore has already been infused into the insurance firm. He also said that they would require around Rs 50 crore in the next fiscal.
HDFC General Insurance Company is present across 71 cities in the country through a network of 78 branches. Their product offerings include health insurance, personal accident insurance, motor insurance, travel insurance and home insurance in the retail space. These products are sold through various distribution channels viz bancassurance, retail agents, direct sales team, etc. Almost one-third of its revenues are generated through sales of health and accident insurance products, a third from motor insurance. The remaining comes from sales of corporate products like property, liability insurance etc.
For the April to June quarter, the company posted net profits of Rs 14 crore. Ritesh Kumar said, "We hope that profitability will be sustained in the rest half of the year.”