Videocon Liberty GI eyes Rs 120 cr biz in first year

Tags: News
Liberty Videocon General Insurance Company, a joint venture between Videocon Industries and Liberty Citystate Holdings, today started its operations and is hopeful of collecting a premium of Rs 120 crore in the first year, a top company official said.

The company, which has an initial capital of Rs 320 crore, has products in the fire, engineering and motor segments as of now and has already applied for approval before Irda for products in the retail line of businesses like personal accident and health.

Liberty Videocon becomes the 27th general insurer in the market.

"We will begin our operations in seven cities initially and scale it up going ahead. We are hopeful of collecting a premium of around Rs 120 crore in the first year of operations," Chief Executive Roopam Asthana told reporters here.

The company hopes to break even in the next five to six years, he said.

Referring to starting of business in the commercial segment first, Asthana said the company would like to have a good product mix in order to diversify its risk.

"We want to have a business mix of 50:50 in commercial and retail lines of businesses," he said, adding it will concentrate on SMEs in the first phase.

The company also plans to hire around 320 people by the end of 2013 along with taking around 1,000 agents on board.

Liberty Videocon General Insurance is a joint venture between Videocon Industries and Boston, US-based Liberty Holdings in which Videocon holds 74 per cent stake and the rest is held by the US partner.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture