Royal Sundaram Alliance Insurance Company today announced their annual results for the year ending March 31st, 2010.
The company has posted a top-line growth of 13.62% with a Gross Written Premium (GWP) of Rs 915.56 Crore, during the Financial year 2009-10, as compared to the GWP of Rs. 805.79 Crore, in the previous year. This makes Royal Sundaram the 3rd fastest growing private General Insurance Company, among established players, in India.
The company has also recorded a healthy Profit Before Tax (after pool loss) of Rs. 34.01 Crore while the Profit After Tax (PAT) stood at Rs. 30.97 Crore. The company’s balance sheet and cash flows remain strong, with the solvency margin at 1.58, well above the stipulated norms.
Royal Sundaram, with its strong distribution and affinity partners, has expanded its business during the year 2009-10 to over 180 cities/ towns, across the country. The company serviced over 37 Lakh customers across these cities/ towns during the year.
The Company has also met and exceeded all its obligations under the Rural and Social Sectors, comfortably, something that has been a regular feature since its inception.
Portfolio
Out of the above premium of Rs.915 crore, Personal Insurance contributed Rs.568 Crore (registering a growth of 11% over the previous year), while Commercial Insurance contributed Rs.347 Crore (registering a growth of 18% over the previous year).
| April’09 – March’10 (Rs in cr) | April’08 – March’09 (Rs in cr) | Growth (%) More From This Section | |
| Gross Written Premium | 915.56 | 805.79 | 13.62 |
| Profit Before Tax | 34.01 | 9.74 | 249.18 |
| Profit After Tax | 30.97 | 5.67 | 446.20 |
Speaking on the occasion, Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Limited, said “The growth potential of the industry is overwhelming and our consistent performance year-on-year, even during the challenging times, has reinforced our belief that we have a strong foundation to achieve higher levels of growth, going forward. Our aim is to cover the tier II and III towns of the country and service the ever growing retail market in India.
2010 -2011 is the 10th year of our operation and we intend to expand our reach by exploring alternate distribution models and adding new branches, partners and associates. We will focus on growing our customer base substantially and consequently building our books for a stronger future.”
“Our growth has clearly been achieved consistent with our philosophy of prudent underwriting and risk selection. While we will continue to build on profitable growth our endeavor will be to enhance the customer experience across all areas of our business.” said Mr. Bimbhet
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. 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 3.7 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 AAA (pronounced Triple A) rated Non-Banking Finance Company, is one of the most respected financial services companies in India. The Sundaram Finance group’s operations span Commercial Vehicle Finance, Car Finance, Insurance, Asset Management, Home Loans, Equipment Finance, Fleet Card, Infotech Solutions, Business Process Outsourcing, Tyre Finance and Logistics Services. Sundaram Finance has a Nationwide presence with over 500 branches, 3,00,000 depositors and over 100,000 commercial vehicle and car finance customers serviced by over 2,500 employees.
About RSA
With 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA writes business in over 130 countries, with major operations in UK, Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. Focusing on general insurance, it has around 23,000 employees and in 2009, its net written premiums were GBP 6.7 bn pound.