The Hindu Business Line : Tata AIG General PBT up 236%

TATA AIG General Insurance has announced a profit before tax of Rs 24.4 crore for the year ended March 31, 2005, a 236 per cent growth from the earlier year's Rs 7.3 crore. The profit after tax was Rs 12.2 crore.

The premium income at Rs 469 crore has grown by 34 per cent from Rs 353 crore.

According to a press release, Mr Dalip Verma, Managing Director, Tata AIG General, said, "We maintain a disciplined approach to underwriting which is reflected in the loss ratio being among the lowest in the industry. We believe that we have laid a strong foundation for future growth."

During the financial year 2004-05, the company issued 4,17,500 policies and settled over 65,462 claims amounting to Rs 168 crore. Its gross premium mix comprised 57 per cent from consumer lines of business and 43 per cent from corporate and commercial customers.

As on May 10, 2005, Tata AIG General hiked its share capital from Rs 125 crore to Rs 165 crore. The infusion will be in the ratio of 74:26 from Tata and its partner AIG.

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