By IANS,
Chennai : Standalone health insurer Apollo Munich Health Insurance Company is hoping to close this fiscal with a premium income of Rs.210 crore (over $46 million) and also expand its branch and agency network.
Anthony Jacob, the company’s CEO, said: “The business growth is good this fiscal as compared to the previous year. We are hoping to close the year with a premium income of Rs.210 crore.”
Last fiscal the company closed its books with a premium income of Rs.114 crore.
He said the company will be expanding its distribution reach by opening 15 more branches in a year’s time, taking the total number of branches to 55.
“We will also be increasing the number of agents by 6,000 to 18,000,” Jacob said.
Though the company underwrites travel and personal accident insurance business, Jacob said those lines contribute just 10 percent to the overall business.
According to Jacob, the company’s overall loss ratio is at around 65-70 percent and that is as per its plans. Even in the group health insurance business, the company has a loss ratio of around 85 percent, he said.
During the first half of the current fiscal, Apollo Munich earned a gross premium of Rs.87.4 crore and the net premium after reinsurance stood at Rs.59.7 crore.
The gross claims stood at around Rs.40 crore and the net claims Rs.37.2 crore. The net loss stood at Rs.39.7 crore.
According to Jacob, the company is expected to break even by 2012-13.
For the first half of the year, the company’s investment portfolio stood at around Rs.157 crore.