Private insurer Future Generali Life Insurance is expecting to garner a total premium income of Rs 950 crore in the current financial year, a company official said.
Since start of operations in 2007, assets under management (AUM) of Future Generali were to the tune of Rs 3,100 crore, of which unit linked insurance plans (ULIPs) share was ten to 15 per cent.
"We are expecting to garner a total premium income of 950 crore in 2017-18. Out of that first individual is Rs 300 crore, first group Rs 250 crore and Rs 400 crore of renewal premium", CMO and EVP (strategy) Rakesh Wadhwa told PTI.
In the first nine months of the current fiscal, new business permium income had registered a growth of 78 per cent over the previous same period, he said.
Taking about the advantages which ULIPs were having now after imposing of long-term capital gains (LTCG) on mutual funds in the budget, Wadhwa said that it would be a gain from the industry point of view.
"But Future Generali will participate in a limited way because our focus is on giving protection and savings to the insured", he said.
Wadhwa said that the focus for the company would be on bigger towns and state capitals with 104 offices across the country.
Future Group holds 51 per cent, Generali with 26 per cent and the balance with IITL.
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