Managing Director – Mr. Ajay Bimbhet, Royal Sundaram Alliance Insurance Company Limited, a non life insurance company, revealed his business development plan. He said that company will continue expanding in retail business with special importance on retail health and Small and Medium Enterprise (SME) business. He further added that the company will take care in supporting commercial business on profitable lines.
Alliance Insurance Company which is a joint venture between Sundaram Finance, holding 74% of the share holdings) and Royal and Sun Alliance Insurance PLC, United Kingdom, holding remaining 26% of shares, has a gross premium income of Rs. 1,560 crores for the year ending March 2012.
The profit of the Company, after inclusion of pool loss, stood to Rs. 54.67 crores for the year ending March 2012. Pool loss for the said period amounted to Rs. 164.10 crores.
During the year, stakeholders injected an additional of Rs. 40 crores in the company, out of which Rs. 25 crores is towards share capital and balance Rs. 15 crores is towards security premium. As at 31st March 2012 total share capital of the company stood at Rs. 315 crores.