New India Assurance Company would launch four new products in the health segment in another six months, a top company official said today. The products, waiting approval from insurance regulator IRDA, were Family Floater, Top Up, Critical Illness and High Network Individual, as this segment was contributing 27 per cent of the total business, G Srinivasan, Chairman-cum Managing Director, New India Assurance Co, told reporters here. Srinivasan, here to inaugurate two branches and 12 micro offices under Coimbatore Regional Office as part of its financial inclusion plan, said that the company was aiming for a 20 per cent growth and set a target of Rs 15,000 crore premium during this year, as against Rs 12,500 crore last year, with Rs 12,000 crore from domestic and Rs.3,000 crore from overseas operations. Stating that the company has recorded a Profit After Tax of Rs 262 crore for quarter-one, he said the PAT this fiscal would touch Rs 1,000 crore, since the company expected to renew 80 to 85 per cent of the existing policies and the remaining 15 per cent from new premium. The company’s expansion to new territories to Myanmar, Canada and Qatar was under process, he said, adding, that it would also expand the agent base to one lakh in the next two years, from the present 55,000 agents. Similarly, the company would add another 400 micro offices across the country during this fiscal, taking the total number to 1,000, Srinivasan said.
Source: The Economic Times
Date: 26th August 2013