Tata AIG posts maiden profit of Rs 15.3 cr for 2003-04

Tata AIG posted maiden profit of Rs 15.3 cr and 47% hike in premium income to Rs 353 cr. The company issued 2,82,499 policies.

Tata AIG General Insurance Company Ltd has posted a maiden profit of Rs 15.3 crore and 47 per cent increase in its premium income to Rs 353 crore for the fiscal ended March 31, 2004.

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As many as 2,82,499 policies were issued and 48,882 claims amounting to Rs 113 crore were settled during the reporting fiscal, the company said in a release.

Tata AIG recorded good topline growth in all classes of business and continued to maintain a balanced portfolio of consumer and corporate insurance sales, it said, adding that rural and social sector obligations were achieved for its third full year of operations.

"We have become profitable due to solid premium growth in profitable lines of business and will maintain a disciplined approach to underwriting and expect achieve strong gains in the current financial year," Tata AIG managing director Dalip Verma said.