Royal Sundaram Alliance Insurance Company on Wednesday said it has a topline growth of 13.62% with a gross written premium (GWP) of Rs 915.56 crore for the fiscal ended March 31, 2010, as against GWP of Rs 805.79 crore in the previous year.
The company registered a profit before tax of Rs 34.01 crore while the profit after tax (PAT) stood at Rs 30.97 crore. The company?s balance sheet and cash flows remain strong with the solvency margin at 1.64 well above the stipulated norms.
In 2009-10, Royal Sundaram had expanded its business to over 180 cities/towns across the country. The company serviced over 37 lakh customers across these cities/towns during the year.
Out of the premium of Rs 915 crore, personal insurance contributed Rs 568 crore, registering a growth of 11% over the previous year, while commercial insurance contributed Rs 347 crore, up 18% over the year ago period. Royal Sundaram Alliance Insurance MD Ajay Bimbhet said, ?The growth potential of the industry is overwhelming and our consistent performance year-on-year, even during the challenging times, has reinforced our belief that we have a strong foundation to achieve higher levels of growth, going forward. Our aim is to cover the tier II and III towns of the country and service the ever growing retail market in India.?