Iran Insurance Company, the largest and the only state-owned insurance company in Iran, is planning to increase its capital to 110 trillion rials ($817 million) before the current fiscal year ends in March, the company CEO said.

“We have plans to increase the capital mainly through revaluation of our fixed assets…This will help raise our risk retention capacity from 30 trillion rials ($222 million) to 60 trillion rials ($444 million),” Mohammad Rezaei was quoted as saying by IBENA on Saturday.

Elaborating on IIC plans to augment its sales network, Rezaei said, “For now agents account for 88% of our sales…this is projected to reach 100% in the near future”.

With “more than 10,000 general agents, 2,000 life insurance agents, 255 brokers and nine branches in foreign countries,” the company has the largest sales network in Iran.

“Our priority now is to shift IIC’s main source of revenue from insurance to investments,” he said.

Source » financialtribune