Allianz Global To Break-Even In India Reinsurance Market In Three Years
German insurer Allianz Global Corporate and Specialty SE, which got regulatory approval to open a reinsurance branch in India last year, looks to break-even in three years.
“Initially we’re looking at a rather modest plan in terms of absolute top-line numbers but we expect to become profitable in the shortest period of time,” said CB Murali, chief executive officer at AGCS India. “We have set ourselves an internal target of three years to break-even.”
The reinsurer looks to earn premiums worth 50 million euros from its India branch in five years, he said. Reinsurers are companies that provide cover to insurance companies.
AGCS plans to move its Indian reinsurance contracts worth $10 million written in its overseas branches to the India office. The ACGS reinsurance branch, which started operations in September last year, has 16 employees at its Mumbai office.
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