In the previous fiscal, the private general insurance major had registered a growth of 8 per cent with a gross written premium (GWP) of Rs 4,210 crore.
In the current fiscal, health has taken a backseat compared to last year’s sharp spike in demand due to the Covid pandemic, a top official said.
“With the revival of the motor business on the back of higher sales in vehicles, we expect a growth of around 20 per cent at a company level. Motor is the largest contributor with 65 per cent of the retail portfolio,” FGII managing director & CEO Anup Rau said.
He was in Kolkata for a roadshow of the new health insurance product FG Health Absolute.
“Though health will grow at a faster pace than motor due to lower base, motor will continue to remain the largest,” Rau said.
FGII retail business accounts for 60 per cent, while corporate is 20 per cent and another 20 per cent is crop insurance of the GWP.
The general insurer said new areas like pet (dog) insurance which is at a nascent stage but catching up fast, the official said.
Rau said that there was no plan to change in corporate identity as of now amid JV partner and global insurance major Generali had raised its stake to 74 per cent in the company.
“There is no capital infusion plan even if we grow at 20 per cent as we are well capitalised and solvency ratio is 166 per cent,” he said.