Pune: The two Tata AIG insurance companies — Tata AIG Life Insurance Company and Tata AIG General Insurance — have together sold over 5 lakh policies in the first full year of operation. The two companies, set to announce their results next week, are opening more offices across the country.

Ian J-Watts, managing director, Tata AIG Life Insurance Company, told reporters here that in the second quarter of the current financial year the company would open four new offices, in Ahmedabad, Jaipur, Jamshedpur and Guwahati.

By March ‘03, they would have 16-18 offices, from the current nine. The performance of the company was ``well over expectations given to the IRDA,’’ he added but declined to reveal figures.

F K Kavarana, chairman of the two insurance JVs, said they have launched the workside management product for employees of the Tata group companies. The group has 2.3 lakh employees and the product has been introduced in group companies like Tata Tea, Titan and Tata Engineering (Telco). The general insurance JV has done 25-30% of its total business in ’02 through Tata group companies.

``Our original expectations were that in the first one or two years, the preponderant customer would be Tata group companies. But we have made inroads into other corporates which also have insurance companies,’’ Kavarana said.

Kavarana added they will enter the mediclaim segment by the next financial year but added that it is a segment difficult to enter. ``Mediclaim is usually a loss-making business, with over 130% losses. We want to bring in policies which will suit customers and make profit. We will start with group health insurance schemes," he said.