Royal Sundaram Alliance Insurance fares well
By Our Banking Bureau | 11 Feb 2004
Chennai: The city based non-life insurer Royal Sundaram Alliance Insurance Company hopes to close this fiscal with a premium income of Rs.270 crore and a net profit of Rs. 7 crore.
For the nine months ended December 31,2003, the company has posted a premium income of Rs.187 crore and a net profit of Rs.5 crore.
In terms of business mix, personal insurance premium accounted for Rs.98 crore while the balance Rs.89 crore is from commercial lines of business. Motor insurance accounted for 50 per cent of the total business, followed by fire, engineering, personal accident, transit and health insurance policies.
During
the third quarter the company added two more bancassurance
partners — Lakshmi Vilas Bank and ING Vysya. The
company has a 900 strong agency force and a network of
26 branches.
