Iffco Tokio Marine General Insurance has signed agreements with Madhya Pradesh and Karnataka state financial corporations (SFCs) which gives it the right to insure the risks of SFC-funded units.
The company is looking at the small and medium enterprises as a large target segments, Ajit Narain, chief executive officer and managing director, said.
He said Iffco Tokio Marine is targeting a near three-fold increase in its income during the current year. The company hopes to receive a premium of about Rs 190 crore during the current year against about Rs 70 crore last year. Thus far the company has generated a premium income of about Rs 145 crore.
Iffco Tokio Marine was one of the only two companies to have posted profits in the first year of operations. Reliance General Insurance was the other company which posted profits during 2001-02. Traditionally, general insurance companies start posting profits from the fifth year, while life insurance companies are not expected to make profits during the first seven-eight years of operations.
Narain attributed a large part of the profits last year to the fire portfolio of the company but said this year the company will adopt a slightly different strategy. He said the company will launch innovative products to tap the various segments of the general insurance business.
He, however, refused to disclose the various types of policies proposed to be launched in the coming months. Narain said that the company will target the personal lines segment of business in the coming months as part of its rollout.
The company has launched a container insurance business during the year.
