Mumbai: Tata AIG General Insurance Company Ltd has announced that its gross revenue for the year ended 31 March 2002 stood at Rs 81.6 crore. In its first year of operations, the company has issued more than 90,000 policies.
"We have achieved a well-balanced portfolio of consumer and commercial business in the first year itself and this provides a strong foundation for profitable growth in the future," says Tata AIG managing director Dalip Verma. The company commenced operations in April 2001.
Tata AIG Life Insurance Company, in the meantime, has offered insurance protection to 4,40,000 Indians with a total sum assured of Rs 1,100 crore on its life insurance, pension and group business for the year ended 31 March 2002. The premium income for the year was at Rs 21 crore and the total number of individual policies sold during the year was in excess of 37,000.
Tata AIG Lifes rural and social sector programmes accounted for around 11 per cent of all the life policies sold as against the Insurance Regulatory Development Authority-stipulated minimum of 5 per cent. The company covered over 11,000 lives through its individual and group rural insurance plans.