Royal Sundaram Alliance Insurance Company Ltd 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.
Ajay Bimbhet Royal Sundaram Alliance Insurance managing director Ajay said the company has set itself a target to grow 25 per cent and will close the financial year with a premium collection (GWP) of over Rs 1,000 crore. This injection of capital will support our plans to continued growth and expansion.
Company’s GWP for 2009-10 was Rs 915.56 crore. The company has a presence with 84 branches and plans to add three more branches by the end of this financial year.
Royal Sundaram Alliance Insurance Company Ltd is a joint venture between Sundaram Finance and RSA Insurance plc, UK, where the former holds 74 per cent and the latter holds 26 per cent of the equity.