- Total paid up capital and premium will grow to Rs. 275 Crore
- The Company is growing at the rate of nearly 25%*
- Company plans to continue its strong growth
Chennai March 25, 2011: Royal Sundaram Alliance Insurance Company Ltd (www.royalsundaram.in ), the first private sector general insurance company to be licensed in India, today announced the infusion of Rs. 65 Crore of additional capital (including premium). This infusion will be completed by the end of the current financial year, taking the total paid up capital and premium to Rs.275 Crore.
Speaking on the occasion, Managing Director, Ajay Bimbhet said, "We have had a robust growth this year of nearly 25 percent. We will be closing the financial year with premium collection (GWP) more than Rs. 1000 Crore. This injection of the capital will support our plans of continued growth and expansion. Going forward, Royal Sundaram plans to continue keeping its focus on retail business."
*YTD, February 28, 2011
About Royal SundaramRoyal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and RSA Insurance plc, UK, where the former holds 74% and the latter holds 26% of the equity. Royal Sundaram is the first private non-life Insurance Company licensed to operate in India.
Royal Sundaram offers a range of innovative general Insurance products which includes Motor, Health, Personal Accident, Home and Travel Insurance for individual customers. The Company's Accident & Health claims process received ISO 9001-2008 certification for effective customer service delivery. For Commercial clients, Royal Sundaram offers a wide range of specialised insurance covers in Fire, Marine, Engineering, Liability and Business Interruption risks. Royal Sundaram also offers specially designed products to the Small and Medium enterprises and Rural customers. Royal Sundaram currently has over 5 million customers, over 1700 employees and its products are distributed in over 180 cities across India, through Agents, Distribution Partners, Affinity Partners and Brokers.
About Sundaram Finance
Sundaram Finance, a Non-Banking Finance Company, is one of the most respected financial services companies in India. It finances the entire range of commercial vehicles, passenger cars, construction equipment & tractors. The Group's operations also extend to Insurance, Asset Management, Home loans, Business Process outsourcing, Infotech Solutions and Logistics services. Sundaram Finance has a Nationwide presence with over 500 branches and over half a million customers and depositors who are serviced by over 2500 employees. Sundaram Direct, its retail distribution arm offers multiple choices of various financial products like, loans, life & general insurance, mutual funds, deposits etc., to its customers through out India.
With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on general insurance, it has around 23,000 employees and, in 2010, its net written premiums were £7.5 billion.
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Royal Sundaram Alliance Insurance Company Ltd.