Latest news with #Rs476
Time of India
25-06-2025
- General
- Time of India
Dedicated residential facility for elderly inaugurated in Indore
Indore: A dedicated residential facility for elderly, 'Sneh Dham,' first of its kind in the state, constructed by Indore Development Authority (IDA) with an investment of Rs18 crore, was inaugurated by chief minister Mohan Yadav on Wednesday. Tired of too many ads? go ad free now "Serving, respecting, and protecting the elderly is integral part of our culture and tradition. The 'Sneh Dham' project not only provides social security but also ensures safe housing facilities for the elderly. This is a significant and sensitive step that reflects respect and responsibility towards senior citizens," Yadav said. The 'Sneh Dham' project offers necessary amenities such as food, medical care, entertainment, self-study, meditation, counselling along with robust security for the elderly within a single complex. "The social structure had changed over time—many elderly couples are alone today, with some having children abroad or living in distant cities due to jobs. In such situations, initiatives like Sneh Dham will fulfil the need for safe, dignified, and well-equipped housing for senior citizens," the CM said. The IDA has let out the building to a private player on contract, and the bookings for the accommodation will begin soon. At the inauguration event, Yadav also announced development projects worth over Rs565 crore for Indore. He inaugurated development works costing approximately Rs90 crore and laid the foundation for projects worth over Rs476 crore.
Business Standard
10-06-2025
- Business
- Business Standard
Future Generali India Life Nears Breakeven; FY25 Individual New Business Premium Up 19% to Rs 476 Cr
PNN Mumbai (Maharashtra) [India], June 10: Future Generali India Life Insurance (FGILI) announced its business and financial performance for FY 2024-25. The Company's total new business premium increased by 96% to Rs1,192 crore in FY25, up from Rs609 crore in FY24. While individual new business premiums rose by 19% to Rs476 crore in FY25 from Rs398 crore in FY24, group new business premiums increased by 240% to Rs716 crore in FY25 from Rs211 crore in FY24. The gross written premium of the Company also marked an increase of 39% to Rs2,511 crore in FY25, up from Rs1,811 crore in FY24. The Company is nearing breakeven, reporting a loss of Rs6.4 crore only in FY25, down by 94% from Rs113.9 crore in FY24. Moreover, the Company reinforced its commitment to policyholder satisfaction and financial security, with the claim settlement ratio for individual business rising to 98.08% in FY25, up from 96.08% in FY24. Similarly, the claim settlement ratio for group business increased to 99.78% in FY25 from 99.18% in FY24. Renewal premiums also recorded a 10% year-on-year increase, reaching Rs1,318 crore in FY25 from Rs1,201 crore in FY24, reflecting the Company's strong policyholder retention and sustained engagement. The Company's Assets Under Management (AUM) rose to Rs8,784 crore in FY25 as compared to Rs7958 crore in the previous fiscal year. This growth in AUM demonstrates the Company's strong fund management capabilities and continued trust from policyholders. The flagship Equity ULIP Fund--Future Midcap Fund has delivered over 33% CAGR returns over the last five years and holds a 4-star rating from Morningstar. Since its inception in November 2018, the fund has outperformed the benchmark by 2.9%, demonstrating consistent performance and strong returns. The total sum assured in effect also increased by 9%, amounting to Rs1,61,595 crore, compared to FY24 at Rs1,47,781 crore. The Company has also expanded its distribution footprint by introducing new products, increasing operational units, and strengthening partnerships, ensuring broader market reach and enhanced accessibility for customers across diverse segments. While commenting on the business achievements, Mr. Alok Rungta, MD & CEO at Future Generali India Life Insurance said "We are proud of the remarkable business growth achieved by Future Generali India Life Insurance Co. Ltd in FY25. With a customer-first mindset and strategic investments in technology and talent, we continue to create value for customers and stakeholders. This remarkable performance is a testament to our dedication to delivering transparent, efficient, and customer-first financial solutions, reinforcing our position as a trusted partner in securing financial futures. Building on this success, we remain focused on innovation, expanding product offerings, and deepening customer engagement to continue driving excellence in the insurance sector. We remain committed to simplifying life insurance for our customers and making it more accessible for everyone, while continuing to deliver value across our distribution channels." ABOUT FUTURE GENERALI INDIA LIFE INSURANCE Future Generali India Life Insurance Company Ltd. is headquartered in Mumbai and was established in 2006. The Company has a presence in 1300+ owned and partnered locations in India and offers total insurance solutions across both the individual and group fronts. Generali is the largest shareholder in Future Generali India Life Insurance with a stake of 73.99% in the Company. Generali brings in 190+ years of insurance expertise as well as its global network's best practices, capabilities, and resources, driving sustainable and profitable growth for communities, clients, employees, and shareholders. Established in 1831, Generali is present in over 50 countries in the world, with 82 thousand employees serving 68 million customers globally.
