Royal Sundaram Alliance Insurance Company Ltd has written Rs 461 crore of premium income during the financial year ended March 31, 2006.
KOLKATA: Royal Sundaram Alliance Insurance Company Ltd, now in its sixth year of operations, has written Rs 461 crore of premium income during the financial year ended March 31, 2006, recording a growth rate of 38% over the previous financial year’s premium of Rs 335 crore. The company recorded a profit before tax of Rs 10 crore.
The private sector general insurer made considerable growth in both the retail and commercial insurance sector.
The retail insurance business recorded a growth of 45%, achieving a gross written premium of Rs 293 crore, while commercial insurance contributed Rs 168 crore to the company’s total premium income with a growth of 27%.
During the financial year 2005-2006, the market share of Royal Sundaram has grown to 2.2% of the overall market share.
Within the mix of retail and commercial insurance of the company, retail insurance accounted for Rs 293 crore, while commercial insurance contributed Rs 168 crore to the company’s total premium income.
Motor insurance contributed 51% of the total premium. Among the other portfolios, fire contributed 20%, personal accident and health 5% and 11% respectively, engineering 6% and marine 4%.
Commenting on the company’s performance, Antony Jacob, managing director, Royal Sundaram said, “The fiscal year 2005-2006 has been a winning year for Royal Sundaram. We faced various challenges like the Mumbai floods, but overcame these challenges and recorded a profit better than that achieved in the last fiscal. We have successfully built relationships with over 1.3 million customers so far and our growing client base is a testimony to our efforts at providing quality service and need-based products.”
The company has developed the multi-distribution model for the marketing and distribution of its products. Royal Sundaram has partnerships with Standard Chartered Bank, Citibank, SBI cards and ING Vysya amongst others.
With over 550 employees, Royal Sundaram transacts business through its 35-branch network and a strong agency force of over 1,000.
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