Star Union Dai-Ichi Life Insurance has registered a 73.21% growth in total premium collection at Rs936.70 crore compared to the previous year
Private insurance company Star Union Dai-Ichi Life Insurance has registered a 73.21% growth in total premium collection at Rs936.70 crore compared to the previous year.
"During the year 2010-11, the company has collected Rs936.70 crore of premium. This performance enabled the company to register a growth of 73.21% in total premium over the premium for the year 2009-10," Star Union Dai-Ichi Life Insurance said in a release.
The company has set a target to turn profitable within five years of commencement of business, its Managing Director and CEO Kamalji Sahay said.
The company, which has completed 26 months of business after receiving license from the Insurance Regulatory Authority of India (IRDA) in December 2008, has underwritten new business premium of Rs1,323.89 crore since inception.
The new business of the company grew by 43.5%. "The company is expected to maintain its low cost operation model. The operating expense ratio for the year is expected to be below 15% of total premium," Sahay said.
The private insurer collected Rs182.81 crore as renewal premium, it said.
The company has also successfully settled about 90% of death claims intimated up to 31st March, the release said.
It has insured 3,53,994 lives under its various group schemes and has exceeded by a large margin the mandatory condition of 9% of rural business.
About 23% of company's premium has been collected from rural areas, it added.
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