Future Generali Life Insurance’s premium collection down in December 2011

10 Feb 2012 17:22:48Source: Dion Global

Future Generali General Insurance’s premium collection fell by 28% to Rs 29.01 crore in December 2011 against Rs 40.51 crore in December 2010. Future Generali is the Insurance joint venture of the Future Group of India & Generali Group of Italy

The company provides a complete range of Life & General insurance solutions to customers and enterprises.

Premium collection of the company which was incorporated on October 30, 2006 stood at Rs 209.23 crore, down by 26% in the period April- December 2011 against Rs 280.90 crore during April-December 2010.

Future Group holds 74% stake while Generali Group has 26% stake in the venture. The A.M Best global rating agency has accredited Generali group with A+ rating which signifies financial ability as stable.

In December 2011, the number of policies issued by the company declined 59% to 14143 and the total life covered fell by 84% to 2773.

During April-December 2011, the insurance company sold 1.04 lakh policies while covered 78600 lives, representing a decline of 56% and 96%, respectively.