Future Generali back in black, clocks profit of Rs 39.62 crore

Written by Press Trust of India | Updated: Jun 17 2014, 15:04pm hrs
Future Generali India Insurance posted a profit of Rd 39.62 crore in the financial year 2013-14.

The company, a joint venture between India's leading retailer Future Group and Italy based insurance major Generali, had posted a loss of R19.70 crore in 2012-13.

This is a landmark result for the company being the first year of break-even in just six years of operations, a statement of the insurance company said.

The gross written premium for the year saw a 13 per cent surge to R1,303 crore as against R1,151 crore last year.

The total direct premium of the company grew by 14% to R1,263 crore as against R1,105 crore in FY'13.

In FY'14, Future Generali India Insurance sold more than 9.5 lakh policies, a growth of 11% from last fiscal and settled over 1.66 lakh claims. The investment funds under management as on March 31, 2014 stood at Rs 1, 494 crore.