Finalised and cleared by the Statutory Auditors, IFFCO-Tokio has registered a pre-tax profit of Rs 355 crore in the half yearly accounts that ended 30th September 2020. The profit after tax which was Rs 59 crore last year has risen to Rs 262 crore this year, said a proud IFFCO MD Dr U S Awasthi talking to Indian Cooperative.
IFFCO-Tokio, which is an insurance arm of cooperative titan IFFCO has performed well on almost all the parameters and the projection for the remaining months till March 31, 2021 is encouraging, said industry sources.
Besides the net profit, the co-op insurance has registered improvement on several other indices. It has secured Gross Written Premium of Rs 4295 crore and aims to double the figures of the last year by the end of the financial year, added Awasthi.
Other parameters including Combined Operating Ratio (COR) have also shown growth and is 99.6% which was 109% earlier. The Solvency ratio, another important parameter has also shown an improvement and has become 1.74% from 1.59%.
It bears recall that Anamika Roy Rashtrawar who boasts a vast amount of experience in the insurance industry had taken over as MD and CEO of IFFCO- Tokio General Insurance, from Warendra Sinha.
Earlier, a Hamburg based German company has declared IFFCO TOKIO as the 52nd amongst Top 100 Digital Insurance companies in the world. Its “Muskurate Raho” insurance plan is said to be popular among the middle classes.