Royal Sundaram Alliance Insurance Company Limited has achieved a strong top line growth of 29 per cent by underwriting Rs. 1,479.79 crore GWP (gross written premium) during 2011-12, as compared to Rs. 1,143.99 crore in the previous year. The company has recorded a profit after tax (after pool loss) of Rs. 22 lakh compared to a loss of Rs. 20.1 crore in the previous year.
Ajay Bimbhet, Managing Director, stated in a release “It is quite satisfying that we have been consistently outpacing the industry growth. Our current year's growth is reflected in all lines of business and attributed to our prudent underwriting practices. Despite the challenges faced, Royal Sundaram has been able to keep pace with growth."
The stakeholders of Royal Sundaram had infused an additional capital of Rs.64 crore (including a share premium of Rs.24 crore), during March 2012 in order to maintain the stipulated solvency margin and address the capital requirement position impacted due to absorption of the losses from Motor Third Party Pool.