L&T Targets Rs 1000 Cr in Health, Motor Insurance Premium by 2016

L&T General Insurance is eyeing huge growth in its motor and health insurance segments. A unit of engineering and construction major Larsen & Turbo Group, it plans to be bullish on its growth prospects next financial year, reports PTI. 'We are bullish about our growth prospects in the next fiscal on the back of strong traction coming from motor and health insurance segments,' said the private general insurer's Chief Executive, Joydeep Roy.

According to the data released by the Insurance Regulatory and Development Authority, L&T Insurance's premium collection soared by a whopping 12 times, or around 1,124 per cent, to Rs 124.46 crore during the April-February period compared to Rs 10.17 crore reported a year earlier.

Referring to the massive spike in premium collection, Roy said, 'going ahead, the premium collection in percentage term may be a little subdued due to increase in the base. But, we are witnessing business traction in all our portfolios.'

The company has set a target of collecting around Rs 1,000 crore in premium by the turn of FY16.



Source-Medindia