Private sector IFFCO Tokio General Insurance today posted 60.24 per cent rise in net profit at 216 crore for the financial year ended March 2014.
The insurer had a profit of Rs 134.7 crore in 2012-13.
The company recorded profit before tax of Rs 322.50 crore as compared to Rs 196.28 crore in 2012-13, registering a growth of 64 per cent.
It reported 12.9 per cent jump in premium revenues at Rs 2,991.90 crore as against Rs 2,649.41 crore last fiscal.
Explaining the future plans, Yogesh Lohiya, Managing Director & CEO, IFFCO Tokio General Insurance said the focus will be to grow in retail segment and achieve sustainable growth.
"We plan to penetrate more into rural areas and B and C class cities and would, in addition to traditional intermediaries, utilise cooperative societies or banks as our channel partners in those areas," he said.
The company will work for re-engineering customer centric processes for improving service delivery turnaround time, he added.
IFFCO Tokio General Insurance is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO), India Potash Limited and Tokio Marine of Japan.
