Private insurer Royal Sundaram Alliance Insurance on Monday said that its net profit for 2012-13 spurted to Rs 54.67 crore in FY2013 from Rs 0.22 crore in the previous year, even though its gross written premium (GWP) increased 5.4 per cent.
In a statement, the company, which is a 74:26 joint venture between Sundaram Finance and Royal & Sun Alliance Insurance of the UK, said that its GWP in 2012-13 was Rs 1,560 crore, up from Rs 1,480 crore.
During 2012-13, the company infused Rs 40 crore to the equity capital, taking it to Rs 315 crore. On growth plans, the company's MD Ajay Bimbhet said, “We will continue our focus in growing retail business, with greater emphasis on retail health and SME business.”
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks