Tata AIG PAT up by 11 pc to Rs 13.6 cr

Mumbai, Jun 12: Tata AIG General Insurance's Profit After Tax (PAT) has surged by 11 per cent to Rs 13.6 crores for the year ending March 31 2006, as compared to Rs 12.2 crores for the previous financial, a company release informed today.

The profit before tax(PBT) was Rs 26.9 crore, also the premium income grew by 29 per cent to Rs 606 crores from Rs 469 crores for the same period, the release added.

Commenting on the results, Tata AIG chairman, Farrokh Kavarana, said, We are pleased with our numbers and are confident that through our world-class products and service levels, we will continue to grow strongly. The past year has been an extemely hard year for the industry given the backdrop of several catastrophic losses and we are happy to have done well in spite of the difficult environment.'' Tata AIG recorded a top line growth in all classes of business and continued to maintain a balanced portfolio of consumer and corporate insurance sales. During the fiscal year 2005-06, Tata AIG General issued 5,95,000 policies, which was an increase of 43 per cent over the last year. Also, the company settled 72,456 claims (an increase of 11 per cent over the previous year)amounting to Rs 315.5 crores and increase of 88 per cent over the previous year. The company also achieved the rural and social sector obligations for its fifth full year of operations, the release added.

Out of total premium of Rs 606 crores for 2005-06, the consumer lines business accounted for 56 per cent and corporate business accounted for 4 per cent. The company continues to develop additional web enabled products for policy booking and issuance at its points of sale, informed the release.

UNI