Future Generali eyes Rs.10 bn premium income by 2010

Kolkata, Jan 14: Future Generali, the joint venture with the Italian insurance giant Generali, is expecting to touch a premium income of about Rs.10 billion by 2010, a senior official said Wednesday.

Future Generali is the insurance joint venture between Future Group of India and Italy-based Generali Group with a 74:26 stake.

"We are targeting a premium income of Rs.300 crore (Rs.3 billion) from life and Rs.200 crore (Rs.2 billion) from non-life insurance business by March 2009," managing director and chief executive officer of Future Generali India Insurance Deepak Sood told reporters here. He expects this to double by 2010.

He said the capital base of the company in the life insurance category is Rs.3.35 billion and Rs.1.5 billion in the non-life segment presently.

"We are looking at a capital infusion of Rs.265 crore (Rs.2.65 billion) in life insurance segment and Rs.70 crore (Rs.700 million) in the non-life insurance segment by March 2009," Sood said.

Future Generali currently has 97 branches across 80 cities and over 14,700 licenced advisors.