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Private sector Future Generali General Insurance hopes to report profit in FY14, making it the first for the company since inception, a top company official has said.
"We hope to report profit in FY14. This will be our first year of break-even in the six years of operations," company's chief executive KG Krishnamoorthy Rao told PTI.
The non-life insurer had reported a profit of Rs 28.4 crore during April-December period of the last financial year on a gross written premium of Rs 944 crore.
Notably, the insurance company usually takes around 5-10 years to be break-even.
While the company is likely to report profit on the entity level during the last financial year, underwriting profit will take another two years to materialise, Rao said.
The company, which has achieved around 14% growth in gross premium last financial year, hopes that the current fiscal would be better.
"If GDP growth picks up and that leads to higher auto sales, industry growth will be higher this fiscal compared to the past fiscal," Rao said.
Due to subdued economic growth, growth of the general insurance industry fell to around 12% in FY14 from around 18% in the previous fiscal.
