In the last financial year, the private general insurance major registered a growth of 8 per cent with gross written premium (GWP) 4,210 crores.
In the current financial year, health has taken a backseat due to sharp increase in demand as compared to last year covid pandemic, a top official said.
FGII Managing Director & Managing Director & Managing Director said, “With the revival of the motor business due to higher sales in vehicles, we expect a growth of around 20 per cent at the company level. Motor is the largest retailer with 65 per cent of the portfolio. A big contributor.” CEO Anoop six Told.
he was in Kolkata Roadshow for the new health insurance product FG Health Absolute.
“Although the health will increase at a faster rate than the motor due to the low base, the motor will remain the largest,” Rau said.
FGIIs account for 60 per cent of the retail business, while corporates account for 20 per cent and crop insurance for another 20 per cent of GWP.
The general insurer said that new areas like pet (dog) insurance are in the early stages but are catching on fast, the official said.
Rau said there are no plans to change the corporate identity as of now as the joint venture partner and global insurer Generali has increased its stake in the company to 74 per cent.
“Even if we grow at 20 per cent, there is no plan to infuse as we have well capitalized and solvency ratio is 166 per cent,” he said.