Liberty Videocon General Insurance Company is targeting to close 2016-17 with a 39 per cent increase in its total premium collections at Rs 570 crore, top company official said today.
The company, a joint venture between US-based Liberty Mutual Insurance Group and India's Videocon Industries had witnessed Rs 409 crore in premium collections in FY16.
"We are looking at achieving Rs 570 crore of total premium, from Rs 409 crore as on March 31, by the fiscal-end," Liberty Videocon GI chief executive and wholetime director Roopasm Asthana told reporters here today.
He added that with three months to go for the fiscal end, the company has already garnered Rs 550 crore in premium.
It also plans to increase its health insurance portfolio to Rs 100 crore from the current level of Rs 20 crore within next two years, he added.
Asthana was speaking on the sidelines of launch of a super top-up plan 'Health Connect Supra' which comes with additional features to enhance existing health insurance coverage.
The offering comes with two variants, top-up plan and super top-up plan that provides additional coverage of up to Rs 1 crore to the customer's basic health insurance cover.
The five-time growth in the health insurance business will take the share of the health insurance in the overall pie to 26 per cent in the next two years from the present 13 per cent, he said.
However, he said that his company was selective when it comes to group health insurance. The company is providing group health insurance coverage to 350 corporates as of now.
The company's capital has increased to Rs 984 crore after its foreign partner Liberty Mutual infused Rs 305 crore during the current fiscal.
The company has already sold 5 lakh policies as of now and it was looking to increase it to 7 lakh by the fiscal-end.
He denied the media report that one of the partners of the joint venture, Videocon was planning to exit the company by selling its stake. The solvency margin of the company currently stands at 4.09 which was much above the regulatory requirement of 1.5.
Talking about motor insurance portfolio of his company, Asthana said that it comprises 70 per cent of total portfolio at present.
The company was settling 150 claims under motor insurance on an average on a daily basis, he said.
On long-term two-wheeler insurance policy which was launched by the company a year ago, he said that the company has already sold 3,500 policies so far with an average ticket size of Rs 3,000-Rs 5,000.
Commenting on retail, he said that the company was adding 60,000 customers under retail segment every month.
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