India International Insurance to expand in Asia

Monday, November 26, 2012
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III, which was formed as a regional business unit in 1987 by Indian insurance companies, has grown over the last 25 years, providing cover worth millions of dollars, Chandraprasad told a press conference here on November 25.

“But going forward, our plans are to expand III businesses and product lines,” said Chandraprasad, who is the Chairman-cum-Managing Director of National Insurance Company.

He said the joint venture aimed at entering the Vietnamese and Malaysian markets in the coming years.

The insurance major is one of five partners who hold 20 percent share each in IIC.

The joint venture has been paying annual dividend of around SGD 39 million to its five State-owned parent companies.

The other four partners are: General Insurance Corp of India, The New India Assurance Co , The Oriental Insurance Co  and United India Insurance Co .

M. Parshad, CEO of the New Delhi-based General Insurers’ Public Sector Association of India, said while the assets of the five partners was worth $30 billion, their net worth stood at $4 billion.

The operations of the five companies, which have a network in 27 global markets, would lend strong support to III expansion in the years ahead, he said.

Ish Kumar, Managing Director and CEO of III, said III had a vast presence in the Island nation.

“We are rated the seventh largest insurance company in Singapore and have grown our premium to SGD 200 million this year from SGD 45 million at the start of business year in 1988,” he said.

Also Read: India's gold Imports May Touch 800 Tonne in 2012: WGC

Source: PTI
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