New Indian Assurance has seen a 25 per cent year-on-year growth in its premium income till October this financial year, G. Srinivasan, its Chairman-cum-Managing Director, told.
Mr. Srinivasan said the premium income realised last financial year was Rs. 18,431 crore and the target for this fiscal is Rs. 21,000 crore. The premium revenue realised between April and October this year was Rs. 13,000 crore. The income from health insurance last year was about Rs. 5,000 crore and it is expected to be Rs. 6,000 crore this year.
Further, during the current financial year, New India Assurance plans to add 250 offices, more than 200 micro offices, and recruit 10,000 agents. About 200 offices would be in rural areas. The focus would be on retail, MSMEs, and personal lines.
The company is also waiting for approval from the Insurance Regulatory and Development authority for two products – a health insurance scheme for high-networth individuals and another, a revised version of the current individual Mediclaim product.