Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Money & Banking
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General Insurance Antony Jacob elevated as Royal Sundaram MD Our Bureau
Mr Antony Jacob
Chennai , Jan. 22 MR Antony Jacob, 43, Deputy Managing Director, Royal Sundaram Alliance Insurance Company, has been elevated as Managing Director with effect from April 1, 2004. He will be taking over from Mr Micky Brigg, who will now be Royal & Sun Alliance's Director for South Asia and continue on the board of Royal Sundaram. Mr Antony is a chartered accountant who joined Royal & Sun Alliance in 1996 after stints in ITC and Continental Grain (India) Ltd. Mr Antony said that his immediate priority would be to "consolidate our position and increase the retail business to around Rs 20 crore per month from around Rs 12 crore." Royal Sundaram, now in its third year of operations, has achieved a premium income of Rs 189 crore for the nine months ended December 2003. It expects to close the financial year with a premium income of about Rs 270 crore and profits of Rs 7 crore, Mr Antony said. He said that the premium income was expected to grow by nearly Rs 100 crore in the last quarter, on the back of an increase in its infrastructure and reach. The company had added a couple of new offices and increased its staff and this had reflected in growth every month. He said the investment portfolio contributed about Rs 18 crore (through interest and trading income). The premium income was almost equally divided between retail and commercial insurance. "Over the next five years, I expect the retail portfolio to contribute two thirds of our business," he said.
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