Shriram Life Insurance Company has collected a gross premium of Rs. 618 crore in the year ended March 31, 2013. The new business premium stood at Rs. 421 crore against Rs. 391 crore in the previous financial year. It sold 1.54 lakh policies against 1.31 lakh policies. The profit after tax was higher at 82 crore against Rs. 56 crore.
Commenting on the results, Akhila Srinivasan, Managing Director, said in a statement that the growth was commendable in times when industry had de-grown by 6 per cent. The company’s pre-tax surplus has grown by 50 per cent over last year to Rs. 100 crores.
The company aims to sell more than two lakh policies and achieve a 30 per cent growth in new business premium in the current financial year.
Royal Sundaram Alliance Insurance Company, a joint venture between Sundaram Finance and Royal & Sun Alliance Insurance plc, UK., has reported a profit after tax of Rs. 54.67 crore in the year ended March 31, 2013. It has written a premium income of Rs. 1,560 crore. Ajay Bimbhet, Managing Director, has stated in a press release that “Despite the tough external factors around the economy last year, Royal Sundaram had been able to deliver positive performance.
The company absorbed Rs. 164.10 crore towards the motor pool losses in 2012-13 as against Rs. 222.49 crore in 2011-12.