Private health insurer Apollo Munich Health Insurance expects to turn profitable in the next financial year.
The company is a joint venture between the Apollo Hospitals group and German firm Munich Health. The German firm holds 26 per cent stake in the company.
Apollo Munich made losses of Rs 29 crore last year. According to the Chairman of Apollo Hospitals, Dr Prathap C. Reddy, the losses have been coming down steadily.
“We will turn positive next year. Normally, it takes 7-9 years for a health insurance company to turn around. We will achieve it in just six years,” said Dr Reddy, at the company’s AGM. The company’s gross written premium rose to Rs 475.9 crore from Rs 283.5 crore last year. It hopes its prudent underwriting policies will help it turn around soon.