IFFCO-TOKIO FY06 premium revenue up by 79%

New Delhi, June 21 (UNI) IFFCO-TOKIO General Insurance Co Ltd (ITGI) today announced a 79 per cent increase in its premium revenues for the year ending March 31, 2006, at Rs 896 crore, as against Rs 501 crore previous year.

The company's profit before tax (PBT) stood at Rs 24.1 crore as compared to Rs 23.6 crore a year ago.

''This year the premium revenue is close to Rs 900 crore, and we are confident that the Rs 1000 crore mark is not far away,'' IFFCO TOKIO General Insurance Chairman K Srinivas Gowda said.

ITGI increased its share capital by infusing Rs 120 crore last year, taking the total share capital to Rs 220 crore.

As per the latest IRDA figures, ITGI currently has a market share of 4.4 per cent as compared to 2.88 per cent last year.

IFFCO-TOKIO General Insurance is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and Japan-based insurance company, The Tokio Marine and Nichido Fire.

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