Aiming to widen its focus on the health insurance business, state-owned general insurancer Oriental Insurance on Friday said it would launch a slew of health policies early next fiscal.
"Health segment is one of our core areas. We are planning to launch two-three long-term health policies," company's Chairman and Managing Director M Ramadoss told PTI in Mumbai.
The company, he said, is also "fine-tuning" its nmediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator ,IRDA, by end-this fiscal and hope to start selling them from April.
The health insurance industry of the country had witnessed around 55 per cent growth last fiscal.
"Oriental's health insurance business grew by 25 per cent. This year, we expect to grow by more than 35 per cent," the CMD said.
Ramdoss said that the company was expecting a gross premium growth of five to six per cent this year, adding that the Profit before tax for the current fiscal could fall by Rs 100-150 crore. Last year, the company's PBT was Rs 450 crore.
Profit after tax for the last year was at Rs nine crore which was likely to grow by 70 per cent this fiscal, he said adding that the PAT was less last year because the company had 5-6 years of tax assessment pending.