Iffco-Tokio General Insurance has reported premium revenues of Rs 1,513.58 crore for the year ending March 31, 2010, compared with Rs 1,395.40 crore in 2008-09, up by 8.47 per cent. The company registered profit before tax of Rs 38.61 crore in the financial year ending March 31, 2010, compared with Rs 6.92 crore in 2008-09.

S Narayanan, managing director and chief executive officer, Iffco-Tokio General Insurance, said that the improved performance was due to better claims management. “Our strategy to exercise strict underwriting controls and better claims management has yielded results in reduction of loss ratio in marine cargo, motor and health portfolios. Similarly we have achieved better efficiency by reducing expense ratio,” he said.

On future plans, Narayanan said the insurer would attempt to penetrate rural areas. "Our focus will be to achieve sustainable growth by curtailing loss-prone and unviable class of businesses and enhancing the quality of our products in the retail segment. We plan to penetrate deeper into rural areas and smaller cities,” Narayanan said.

The company would also explore new distribution channels such as cooperative societies and banks to increase its reach in new areas. “To enter the untapped market, we would launch products after an in-depth study of the mind of the rural population and would review products continuously to make them customer friendly to suit changing requirements.”