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The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc.
Royal Sundaram General Insurance: Private Chennai: 2000 25 SBI General Insurance: Private Mumbai: 2010 26 Shriram General Insurance: Private Jaipur: 2008 27 Star Health and Allied Insurance: Private Chennai: 2006 28 Tata AIG General Insurance: Private Mumbai: 2001 29 The Oriental Insurance Company: Govt. New Delhi: 1947 30 United India ...
Launched in 2002 Maruti Suzuki provides vehicle insurance to its customers with the help of the National Insurance Company, Bajaj Allianz, New India Assurance and Royal Sundaram. The service was set up the company with the inception of two subsidiaries Maruti Insurance Distributors Services Pvt. Ltd and Maruti Insurance Brokers Pvt. Limited. [94]
The group's subsidiaries are owned by three holding companies, viz., TVS & Sons, Sundaram Industries and TVS Holding Companies. TVS & Sons is the parent company of the group. [1]
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The firm produces a range of insurance products, including motor, health, accident, engineering, liability, marine, property, travel and rural insurance for individuals and corporate insurance. The company achieved a Gross Written Premium of Rs. 13465 million in 2011 – 12. The company has 93 branches and over 6,000 agents across the country. [2]
The net incurred claims ratio increased to 112.14% in 2022-23 from 110.80% in 2021-22. The profits generated by the sale of investments increased by ₹ 329.16 crore (US$38 million), though the income from interest, dividends, and rent increased by ₹ 149.92 crore (US$17 million).
ICICI Lombard's Gross Written Premium was ₹ 217.71 billion (US$2.5 billion) in the 2023 fiscal year. [14] ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022. [15]