Headquartered in Mumbai, India, HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG, a Germany-based company that is part of the Munich Re Group. HDFC holds 51 per cent, and ERGO the other 49 per cent. Founded in the year 2002, the firm operates in 89 Indian cities with over 109 branches and 1,900 staff members.
History
HDFC Ltd. and ERGO International AG joined their forces to form a general insurance joint venture company, named HDFC ERGO General Insurance Company Limited with its headquarter in Mumbai. Under the agreement, ERGO, acquired 26 per cent share, the rest being held by HDFC .The firm is a Public Company and is categorized as Indian Non-Government Company. The company’s authorized share capital is Rs. 6,000,000,000 and its paid up capital is Rs. 5,386,202,600.
Over the years, the company has expanded its reach to approximately all the major cities of India with millions of customers already on board.
Key persons
Ritesh Kumar is Managing director and CEO
Expansion since incorporation
During its initial years the company saw a slump and recorded an underwritten Gross premium of Rs. 196.78 crores (FY 2006-07) as against Rs. 206.89 crore in the previous year (FY 2005-06). The company made a strong come back and escalated it GWP to Rs.239.69 crores (FY 2006-07). Ever since, HDFC ERGO has shown an outstanding performance and made many amendments to its product offerings and services. The company now marks a GWP of Rs.3,257 crores at the end of FY 2014-15 registering a growth rate of 9.5 per cent. The overall market share of HDFC ERGO General Insurance Company Limited has also gone up from 1.1% in FY 2008-09 to 4% in FY 2014-15.
Holdings
The company has expanded its services into an array of insurance segments and accounts for 47 per cent of the total business revenue earned by HDFC Ltd. Over the years, the company’s overall market share has grown from 1.1 per cent in FY 2008-09 to 4 per cent in FY 2013-14.
Current financial status
The fourth largest general insurance company in the private sector, the firm has attained a Gross Written Premium (GWP) of 3,257 crores, Net Written Premium (NWP) of Rs. 1,778.4 and has maintained its market share of 4 per cent at the end of the financial year of 2014-15, registering a growth rate of 9.5 per cent. The company sold over 4.2 million policies through its 108 branches and various channel partners. The regulatory solvency ratio for HDFC ERGO General Insurance Company Limited remains comfortable at 1.67 times as on September 30, 2011.
Products and services
HDFC ERGO General Insurance Company Limited is engaged in general insurance, reinsurance claims management and investment management services. The firm offers insurance policies and policy renewals through its website, offices and intermediaries. Its market insurance products include health insurance, motor insurance, travel insurance, personal accident insurance, home insurance, commercial insurance and rural insurance.
Major achievements
Since its inception, HDFC ERGO General Insurance Company Limited has won several awards for its services.
- The company has been rated iAAA by ICRA which indicates the firm’s highest paying ability.
- HDFC ERGO General Insurance was awarded Best Insurance Company in Private Sector - General by the World HRD Congress at ABP NEWS - Banking, Financial Services & Insurance Awards 2014.
- Awarded as the Best General Insurance Company in India by International Alternative Investment Review (IAIR) in 2013 and 2014.
General insurance
HDFC ERGO sells health, motor, car, home, accident, travel, two wheeler insurance, commercial insurance and rural insurance.
It provided $15 million worth of cover in collaboration with Ace Insurance Brokers for the first formula one race held in New Delhi India. This included assurance against adverse weather, non-appearance of teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.
References
External links
- Official website