IFFCO-Tokio General profit up 60 per cent at Rs 216 crore

Private sector IFFCO Tokio General Insurance on Tuesday posted a 60.24 per cent rise in net profit at Rs 216 crore for the financial year ended March, 2014.

The insurer had reported a a profit of Rs 134.7 crore in the corresponding quarter in 2012-13.

The company recorded a profit before tax of Rs 322.50 crore as compared to Rs 196.28 crore in 2012-13, registering a 64 per cent growth.

It reported a 12.9 per cent jump in premium revenues at Rs 2,991.90 crore as against Rs 2,649.41 crore last fiscal year.

Explaining the future plans, Yogesh Lohiya, managing director and chief executive of 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.