Financial Daily from THE HINDU group of publications
Monday, Sep 20, 2004
Financial Daily from THE HINDU group of publications Monday, Sep 20, 2004 |
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Money & Banking
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General Insurance New India keen on Auckland set-up L.N. Revathy
Coimbatore , Sept. 19 THE New India Assurance Co Ltd is looking at establishing presence at Auckland in New Zealand. The company's Director and General Manager, Mr A.V. Purushotaman, told Business Line that the Auckland operations would commence before the end of the current fiscal. "The board has approved the proposal in-principle," he added. According to Mr Purushotaman, the Fiji operations would control the Auckland office initially. The company has already established its presence in Japan, the UK, West Asia, Fiji and Australia, and operates in 23 countries with a network of 17 branches, 12 agencies, 2 associate companies and 2 subsidiary companies. He hinted at a possible entry into Nepal in the next leg. The premium income from foreign operations for 2003-04 stood at Rs 876 crore, accounting for more than 80 per cent of the total overseas premium in India. The company is targeting a 5 per cent growth in premium income from foreign operations this fiscal.
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