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GIC plans VRS to cut flab; to hire from IIMs

GIC plans to tap professional institutions like IITs and IIMs for young managers after cutting flab through a VRS in next fiscal.

business Updated: Apr 02, 2004 12:54 IST

General Insurance Corporation plans to tap professional institutions like IITs and IIMs for young managers after cutting flab through a voluntary retirement scheme in the next fiscal.

"We are planning to tap IIT and IIM for new recruits. We need aggressive managers who would be able to increase our business in India and abroad," GIC managing director PB Ramanujam told PTI.

The national reinsurer is in the process of drawing up a VRS for reducing about 10 per cent of its staff.

Ramanujam did not give details but said GIC now has excess manpower after it transferred crop insurance business to the Agriculture Insurance Corporation of India formed last year.

While shedding its excess staff, GIC would be on the look out for young blood.

The demand for professionals arose after the reinsurer decided to spread its wings to new emerging markets like Dubai, Malaysia and China.

GIC has plans to increase its foreign inward business significantly.

At present, GIC's total premium income was at Rs 4,000 crore, which was expected to touch Rs 4,500 crore by fiscal year ending March 2004.

Of the total business, Rs 3,100 crore comes from domestic market and Rs 900 crore from international markets.

The company now plans to increase its foreign business significantly by tapping Afro-Asian markets.

First Published: Mar 22, 2004 15:00 IST