Future Generali eyeing 34 percent growth this fiscal

December 2nd, 2010 - 12:09 am ICT by IANS  

Kolkata, Dec 1 (IANS) Future Generali, the insurance joint venture between India’s Future Group and Italy’s Generali, is looking at 34 percent growth in business by the end of the 2010-11 fiscal through its sales channel Mallassurance, it was announced here Wednesday.

“We expect this initiative will help us achieve the highest ever 34 percent growth this year,” Future Generali India Life Insurance Company Limited managing director and chief executive officer Deepak Sood told reporters.

Mallassurance was launched in May, 2009, and has already expanded to 165 stores in 53 cities.

The company has plans to open sales counters in 170 shopping malls of the Future Group across the country. The number of policy holders of the insurance company is expected to cross 2.16 lakh by March next year, up from 1.66 lakh in March 2010.

The income from the first premium payment was also likely to more than double to Rs.28 crore form Rs.12 crore by the end of the 2010-11 fiscal, increasing its market share to 12 percent in the private life insurance space in the country.

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