Tata AIG General Insurance posts 54 per cent rise in profit at Rs 162 crore in FY14

MUMBAI: Private sector general insurer Tata AIG General Insurance has posted a net profit of Rs 162 crore in FY14, up 54 per cent over the previous fiscal, on the back of higher growth in retail business.

The company had a gross underwritten premium of Rs 2,456 crore during the reporting fiscal.

As per the company, consumer line of business contributed 64 per cent of the total business showing substantial increase over the previous fiscal.

Its commercial line of business had a premium collection of Rs 860 crore, up from Rs 743 crore a year ago.

"Tata AIG has made an underwriting profit excluding motor pool of Rs 15 crore with a combined ratio of 99 per cent," managing director and chief executive Kaushal K Mishra told PTI.

The general insurer's solvency stood at 1.59 against the threshold of 1.50 per cent, he added.

On the growth areas in the current fiscal, Mishra said that the company would come up with new products in commercial and consumer lines of businesses.

The company also said that it would add another 40 branches in the next two years.