New India Assurance to launch four new products in FY16

MUMBAI: State-owned New India Assurance is planning to launch four products - two each in the motor and health segments - during the current fiscal.

"We have filed for two products under motor segment and two others for health segments before the regulator IRDAI and we are waiting for approvals," New India Assurance Chairman and Managing Director G Srinivasan told here today.

Srinivasan was here to sign an agreement with Bank of India for participating in the new welfare schemes offered in the Budget for the poorer sections of the society.

Asked about the profitability and claims outgo for his company during the year gone-by, he said, "Though our results for 2014-15 are yet to be announced, we feel that we have done better on both fronts."

Srinivasan said the focus of his company will continue to be on retail, which comprises 65 per cent of its business now, during the current fiscal.

Replying to a query relating to the industry growth, he said "we are hopeful of achieving 15-16 per cent growth during this year (2015-16). If the trend continues, then maybe by 2016-17, we should clip at 18-20 per cent."