Royal Sundaram to continue focus on retail business

CHENNAI: Non-life insurance company Royal Sundaram would continue to lay focus in growing retail business particularly in retail health and SME business, a top company official said.


Royal Sundaram is a joint venture between Sundaram Finance (74 per cent) and Royal and Sun Alliance Insurance PLC, United Kingdom (26 per cent).

The company has written Rs 1,560 crore of premium income during the financial year ending March 31, 2013, a company statement said.

The company had posted a profit after tax (after absorption of pool loss) of Rs 54.67 crore. For the financial year ending March 31, 2012, the PAT stood at Rs 0.22 crore, it 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...," Royal Sundaram Alliance Insurance Company Ltd, Managing Director, Ajay Bimbhet said in a statement.

The shareholders of the company infused an additional capital of Rs 40 crore, including a Rs 15 crore of share premium. The total paid up capital of the company was Rs 315 crore, it said.

The company said it absorbed Rs 164.10 crore towards the motor pool losses in financial year ending March 31, 2013 as against Rs 222.49 crore during the corresponding period of previous year.