Reliance General Insurance hopes to grow 20% in FY14
Mumbai: Private sector general insurer Reliance General Insurance expects to grow around 20 percent in the current financial year, a top company official said.
"We hope to grow around 20 percent in this fiscal. Our focus is on growing both on top-line and bottom-line fronts," Chief Executive Officer of Reliance General Insurance, Rakesh Jain said here over the weekend.
The private general insurer had a premium growth of 17.37 percent to Rs 2,010 crore by the end of last financial year.
Jain said the company would like to have profitable growth with focus on value than on volume alone.
Referring to focus areas, Jain said the company would concentrate on weather insurance along with liabilities side to drive growth in the current financial year.
"Currently, while retail contributes 80 percent of the total business, 20 percent comes from the corporate side. We want to bring a balance between the two and seek to increase corporate line of business to 25 percent in the near future," he said, adding weather and liabilities would be major focus areas to grow the corporate business pie in the overall business.
According to the company, it will also bring some balance in motor insurance segment in future.
He also said the company hopes to do better on the underwriting front in the current fiscal.
"We have been profitable entity-wise in the last two quarters. I also hope that things will be better in the underwriting front in the future," Jain said.
On the new product launch, the private insurer said it would come up with a new health product along with a catastrophe product for retail segment in the future.
Reliance General Insurance, which offers auto, health, property, travel, marine and commercial insurance products among others, is a part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital.