Royal Sundaram Alliance Insurance fares well

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.