India's largest non-life insurance company has committed to widening its market exposure in New Zealand, as it aims to tap into the country's immense potential.
The pledge was made by G Srinivasan, chairman & managing director of New India Assurance Company Limited, as he spoke of the growing economic prospects present in the Indian insurance industry.
Srinivasan said: “There are many exciting developments taking place in India, with the Government determined to lift economic growth which is currently at about 7.25%,” Indian Newslink reported.
“All sectors of the Indian economy are geared towards higher levels of productivity and profitability. New India Assurance Company New Zealand Limited, established 15 years ago, is keen to explore new avenues for business. There is ample potential in this country.”
The company has seen impressive results at the end of the financial year ending on March 31 2017, with its written premium valued at Rs 22,279 Crores (about $4.75 billion) and net worth and fair value placed at Rs 34,716 Crores (about $7.5 billion globally), the report said.
Its asset base was Rs 69,173 Crores (about $14.95 billion) and investments at market value were Rs 53,009 Crores (about $11.45 billion).
In an interview with
Indian Newslink, the insurance chief said there was a need to create greater awareness of insurance and insurance products among Kiwis, particularly those of Indian origin.
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