Iffco-Tokio General fixes humble growth target

New Delhi: Iffco-Tokio General Insurance Company (ITGI), a joint venture promoted by Indian Farmers Fertiliser Cooperative (IFFCO) and Japan''s Tokio Marine and Fire Insurance Company, is looking at its gross written premiums (GWPs) to touch Rs 1,200 crore during the current financial year. The company reported a 28.58 per cent rise in its GWP to Rs 1,152.21 crore for the financial year ended March 31, 2007 against Rs 896.04 crore. ITGI''s net profit for the fiscal under review increased 85.69 per cent to Rs 27.13 crore compared with Rs 14.61 crore in 2005-06.For 2006-07, the retail line contributed approximately 55 per cent (Rs 634.6 crore) to the revenues, of which motor insurance was a substantial chunk at Rs 448.89 crore. For the current financial year, according to the company''s annual report, it is targeting Rs 450 crore from its commercial lines and Rs 750 crore from its retail portfolio. At the moment, the company has a market share of 4.56 per cent as against 4.4 per cent in 2005-06.