Export Credit Guarantee Corporation, insurer for the exporting firms, today said it is foraying into the domestic credit insurance business.
ECGC, which ranks as the world's fifth largest credit insurer, has already approached the regulator for approval of its new business.
"The domestic credit insurance product has been filed with the Insurance Regulatory and Development Authority for final approval, which is expected anytime," ECGC Chairman and Managing Director AV Muralidharan said in a statement here.
The corporation has earned a gross premium income of Rs 668.36 crore during 2007-08 as compared to Rs 617.66 crore in the previous year. It achieved recoveries of Rs 161.50 crores during the year. It has paid a total dividend of Rs 162 crore for the last fiscal to the government.
It earned an after tax profit of Rs 479.43 crore for 2007-08 against Rs 369.70 crore in the previous year.
As much as Rs 100 crore was added to the equity base of the corporation, augmenting the paid up capital to Rs 900 crore.
Muralidharna said ECGC would be giving a big push to its its factoring business. Factoring covers from the corporation help exporters in getting post shipment finance with 100 per cent credit risk insurance protection.