Sarma admitted that company’s gross premium income growth was lower than the industry average of about 15 per cent. This was due to the decision to move away from certain group health business where pricing was under severe pressure and that posed a threat to profitability.
The company had to give up about Rs. 800 crore worth of group health business due to inadequate pricing. But he asserted that health would continue to drive the growth of the company along with motor and crop segments, going forward.
In the health segment, the company is planning to come out with a few products which will have sum assured levels of Rs. 25 lakh, Rs. 50 lakh and also Rs. 1 crore with several features, this fiscal.
During the current fiscal, UIIC is targeting gross premium income growth of 10-12 per cent.
