OREANDA-NEWS. Tata AIG General Insurance (Tata AIG) declared a 30 percent growth in premium with a collection of Rs2,201 crore during FY13. In 2011-12 the gross written premium (GWP) stood at Rs1,697 crore.

Tata AIG has shown an impressive growth of 98 percent in their profits before tax (PBT) and motor pool. The company registered a PBT and motor pool of Rs224 crore in FY13, up from a profit of Rs113 crore in FY12.

The consumer line of business has contributed to 63 percent of the total business showing a substantial increase and acceptance of GI products in the retail market. Tata AIG, with its strong underwriting skills and aggressive growth strategy, further reiterated its leadership in commercial lines with a gross direct premium of Rs733 crore versus prior of Rs586 crore with a GDP accretion of Rs147 crore which is one of the highest amongst all private general insurers.

The rapid growth witnessed by the company during this fiscal, even at a time when the industry was struggling to adapt to regulatory changes and third party motor pool losses; is testimony to the fact that Tata AIG remains the most preferred general insurance player in the GI market.

Commenting on the announcement of the results, Kaushal K Mishra, CEO, Tata AIG, said, “We have concluded this year with a 30 percent growth in premium, exceeding the industry average. Our sound business model and business acumen have ensured that we maintain a high yet consistent and profitable growth rate year on year.”

“The company is also one of the few who have shown an underwriting profit to the tune of Rs21 crore,” he added.

Speaking on the company’s strategy for the next year, Mr Mishra elaborated, “We believe that to deepen insurance penetration, all insurance companies must work on strengthening their distribution. While increasing penetration, it is also important to augment customer experience. We intend to aggressively focus on both expanding distribution and enhancing customer experience in the new fiscal.”

Continuing its aggressive strategy, Tata AIG is expanding its presence by adding 40 more branches across India in the next two years.