15 November, 2010
The Company has written Rs 537.68 crores of premium income during the 6 months period ended September 30, 2010, recording a growth of 23 percent over the corresponding period GWP of 438.30 crores in the previous year, making it one of the fastest growing private sector general insurance companies in the country.
The Company has also recorded a healthy Profit Before Tax (after pool loss) of Rs. 16.75 crores while the Profit After Tax (PAT) stood at Rs. 10.62 crores. The solvency margin is well above the stipulated norms.
The number of policies increased by more than 50 percent during this period with 8.5 lakhs policies being issued compared to 5.65 lakhs during the corresponding period of the previous year.
The Company exceeded its obligations under the Rural and Social Sectors - a feat being achieved by it every year since its inception.
Out of the above premium, Personal Insurance contributed Rs.338.33 crores (registering a growth of 25 percent over the corresponding period of the previous year), while Commercial Insurance contributed Rs.199.35 crores (registering a growth of 18 percent over the corresponding period of the previous year).
Speaking on the performance, Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Limited, said "the 23 percent growth in our GWP is a result of our concerted focus on improving our retail sales by geographically expanding in Tier II & III cities and also our commitment to provide a range of products to our customers. We will continue our focus in further developing the growth in Retail business by leveraging the efficiency of all the distribution channels."
"Our philosophy of prudent risk selection has been our success in underwriting and we will continue following it diligently."
He further added, "Over the last 10 years the Indian insurance industry has matured in product innovation and quality of service, benefiting the customer. The market is perched for a strong growth, given the huge untapped potential in the health insurance segment and we are well geared to continue building our strong growth in future too."
About Royal Sundaram : Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and RSA Insurance Group 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.
About RSA : 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 2009, its net written premiums were £6.7 billion.
For further information:
Royal Sundaram Alliance Insurance Company Ltd.