Royal Sundaram Alliance Insurance Company Limited (www.royalsundaram.in), a joint venture between Sundaram Finance and Royal & Sun Alliance Insurance plc, UK, announced its annual results for the year ended March 31, 2013.
Business Performance
The Company has written Rs. 1560 crore of premium income during FY13.
The Company has also recorded a healthy Profit after Tax (after absorption of pool loss) of Rs. 54.67 crore while the Profit before Tax (after absorption of pool loss) stood at Rs. 63.26 crore. The solvency margin is 1.44 times as against the stipulated 1.40 times
Speaking on the performance, Mr. Ajay Bimbhet, Managing Director, said, “Despite the tough external factors around the economy last year, Royal Sundaram has been able to deliver positive performance. We took a conscious decision from an underwriting perspective to assess risks more closely and focus on profitable growth. I am happy that our efforts have helped us to achieve underwriting profits too during this year.”
Commenting on the strategy, Mr. Bimbhet said, “We will continue our focus in growing retail business, with greater emphasis on retail health and SME business. We will also maintain our prudence in underwriting commercial business on profitable lines. We are well prepared to deliver greater value proposition to our customers with our comprehensive product suite, excellent service standards and of course, realistic pricing.”
Motor Third Party Pool Loss
Royal Sundaram absorbed Rs. 164.10 crore towards the Motor Pool losses in FY13 as against Rs. 222.49 crore in FY12.
Capital infusion
The Shareholders of Royal Sundaram infused an additional capital of Rs. 40 crore (which includes Rs. 15 crore of share premium). The total paid up capital of the Company is currently Rs. 315 crore.
“The shareholders are confident about Royal Sundaram’s performance and growth aspirations. We intend to utilise this additional capital to bolster our business further." said Mr. Bimbhet.
About Royal Sundaram
Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and Royal & Sun Alliance 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, 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 Ltd. incorporated in 1954 has grown today into one of the most trusted financial services groups in India. Today, the activities of the group span savings products like Deposits and Mutual Funds, Car and Commercial Vehicle Finance, Insurance, Home Loans, Software Solutions, Business Process Outsourcing, Tyre Finance, Fleet Cards, Tractor Finance and Mutual Funds R&T. Sundaram Finance has a Nation-wide presence with 560 branches and over 5000 employees.
About RSA
With a heritage of over 300 years, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Latin America, Asia and the Middle East and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2012, its net written premiums were £8.4 billion.
Business Performance
The Company has written Rs. 1560 crore of premium income during FY13.
The Company has also recorded a healthy Profit after Tax (after absorption of pool loss) of Rs. 54.67 crore while the Profit before Tax (after absorption of pool loss) stood at Rs. 63.26 crore. The solvency margin is 1.44 times as against the stipulated 1.40 times
Speaking on the performance, Mr. Ajay Bimbhet, Managing Director, said, “Despite the tough external factors around the economy last year, Royal Sundaram has been able to deliver positive performance. We took a conscious decision from an underwriting perspective to assess risks more closely and focus on profitable growth. I am happy that our efforts have helped us to achieve underwriting profits too during this year.”
Particulars
|
2012-13
Rs. In
Crore
|
2011-12
Rs. In
Crore
|
Profit Before Tax (after absorption of pool loss)
|
63.26
|
(0.45)
|
Profit After Tax (after absorption of pool loss)
|
54.67
|
0.22
|
Commenting on the strategy, Mr. Bimbhet said, “We will continue our focus in growing retail business, with greater emphasis on retail health and SME business. We will also maintain our prudence in underwriting commercial business on profitable lines. We are well prepared to deliver greater value proposition to our customers with our comprehensive product suite, excellent service standards and of course, realistic pricing.”
Motor Third Party Pool Loss
Royal Sundaram absorbed Rs. 164.10 crore towards the Motor Pool losses in FY13 as against Rs. 222.49 crore in FY12.
Capital infusion
The Shareholders of Royal Sundaram infused an additional capital of Rs. 40 crore (which includes Rs. 15 crore of share premium). The total paid up capital of the Company is currently Rs. 315 crore.
“The shareholders are confident about Royal Sundaram’s performance and growth aspirations. We intend to utilise this additional capital to bolster our business further." said Mr. Bimbhet.
About Royal Sundaram
Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and Royal & Sun Alliance 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, 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 Ltd. incorporated in 1954 has grown today into one of the most trusted financial services groups in India. Today, the activities of the group span savings products like Deposits and Mutual Funds, Car and Commercial Vehicle Finance, Insurance, Home Loans, Software Solutions, Business Process Outsourcing, Tyre Finance, Fleet Cards, Tractor Finance and Mutual Funds R&T. Sundaram Finance has a Nation-wide presence with 560 branches and over 5000 employees.
About RSA
With a heritage of over 300 years, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Latin America, Asia and the Middle East and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2012, its net written premiums were £8.4 billion.
