(MENAFN) New India Assurance Co. Ltd., one of the world's oldest insurance firms and fully owned by the Government of India, said it will expand its existence in the Middle East as part of strategic plan to deepen its footprints in the region, according to the Emirates 24/7.
The company will open its Middle East hub in Dubai International Financial Centre (DIFC).
G. Srinivasan, Chairman and Managing Director, The New India Assurance, said: "Middle East, particularly GCC, is a significant market for us and our focus will now be to increase our presence in this market and to grow our business by offering our products to a multinational clientele in the region. The company's immediate plan includes concentrated growth in retail segment on personal lines of business like health, personal accident and home protection."
The company has branches in 23 countries regionally and globally. The company's business last year was to the tune of USD2.422 billion.
G. Srinivasan added: "In 2013, the business in GCC in terms of gross premium was to the tune of over Dh700 million and we are poised to grow more this year. The firm declared 110% dividend to its shareholders last year and is confident that with the strong economic trends and boom in sectors like property, construction etc. is bound to grow further."