Apollo Munich eyes 59 pc jump in premium at Rs 450-cr

Private sector health insurance company Apollo Munich Health Insurance is hopeful of around 59 percent rise in its premium collection to Rs 450 crore in the current financial year, a top company official said.

The health insurer had a gross written premium collection of Rs 283 crore last financial year.

“We are seeing a good growth across our portfolio and hope to end this year with Rs 450 crore premiums,” Apollo Munich Health Insurance chief executive Antony Jacob said here while launching a new product ‘Optima Restore’.

Enumerating the features of the new product, he said the policy reinstates the basic sum insured in case the insured exhausts the insured sum in a policy year.

He also said if the insured has a claim-free year, the company would increase the basic sum insured by 50 percent in the first year and if the second year is again claim-free, it will be doubled.

“We already have a soft launch of this product and have sold about Rs 6 crore in the last 15 days alone,” he said.

Referring to overall profitability, he said the insurer is likely to be breakeven in FY14.

“Our capital base is sound as of now along with a solvency of close to 190 percent. So, we don’t need any fresh capital infusion this fiscal,” Jacob said.

Apollo Munich is a joint venture between Apollo Hospitals Group and Munich Health, which is Munich Re’s newest business segment, with the German company holding 26 percent in the venture.

The company offers comprehensive health insurance plans for individuals, families as well as for corporate houses.

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Tags: Apollo Munich Health Insurance, Health Insurance Plans