Magma HDI General Insurance, which has completed five years of operations, is expecting profit to be in line with the previous year due to its growing portfolio.
"We had a robust growth in the first six months of this financial year. Going forward, we are expecting net profit to be in line with last year, which stood at Rs 6.3 crore, as our portfolio is growing," Magma HDI managing director & chief executive Rajive Kumaraswami told reporters here today.
The combined ratio till September was 125 per cent and its accumulative losses were Rs 30 crore, he said. "We have all the top management in place. Now the challenge is to increase our portfolio and manage our expenses."
He said gross written premium, which stood at Rs 423 crore in fiscal 2017, is likely to grow 30 per cent this year.
"The first six months has been robust for us. Going forward, we are expecting gross written premium to grow upwards of 30 per cent for the full year," he added.
Kumaraswami said they are focused on retail segments like motor, critical illness and commercial. "In the next three-four years we see motors to be 65 per cent of our total business followed by health 20-25 per cent and commercial 15- 20 per cent.
Meanwhile, the company today launched a new healthcare prodcut called OneHealth, which covers various medical conditions including lifestyle diseases apart from offering restoration benefits, cumulative bonus, free annual health check-ups among others.
Magma HDI is a joint venture between Magma Fincorp and HDI Global of Germany, which is part of the Hannover-based Talanx Group--the third largest insurance group in the largest European economy.
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