Liberty Videocon hopes to meet business target by March

MUMBAI: Private sector general insurer Liberty Videocon is confident of achieving its initial target of Rs 120 crore in the first year of operations on the back of growth in motor and commercial verticals, a top company official said here today.

"Our target for this fiscal, which is the first year of our operations, is Rs 120 crore. We have already collected a premium of around Rs 65 crore as of now, which is in line with our initial target," Chief Executive Officer of Liberty Videocon General Insurance, Roopam Asthana, told PTI in an interaction here.

The new entrant to the general insurance industry said around 70 per cent of premium was collected from its retail business, while rest 30 per cent is from commercial segments.

"Major portion of our retail business comes from motor segment," Asthana said.

Liberty Videocon is also planning to come up with number of products soon which are pending for Irda approval.

"We have filed products in group health, personal health, along with a business package policy for SME segment, which are waiting for approval," Asthana said.

He also said with the launch of its health products, the company hopes to better its growth rate in the near future.

The private insurer also said it would take its branch count to 20 from present nine in the coming months.

"With more branches, we will increase our distribution reach," Asthana said.

Liberty Videocon General Insurance is a joint venture between Videocon Industries and Liberty Holdings in which Videocon holds 74 per cent stake and the rest lying with the US-based Liberty Group.