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ndia International Insurance, or III was incorporated in Singapore in November 1987, by amalgamating the four Indian state run Non-Life Insurance companies, which were operating independently in Singapore for decades. In his in-depth interview with us, CE and MD of III, Mr Ravindra Kumar stated that “this was certainly a more sound and viable option to pool resources to create a robust unit with a strong market presence.” III is now owned by the five Indian Government-run General Insurance companies, namely GIC Re, New India Assurance, National Insurance, Oriental Insurance and United India Insurance, and continues to grow from strength to strength. A quarter of a century later, the company is exploring new avenues to cater to the ever-changing Insurance market environment. Kumar states that they are “evolving to stay ahead of the competition.” in 2012, posting an overall profit of S$ 29 million, S$ 17million respectively. Financial Strengths Kumar is positive about the results for 2013: “We hope to continue the Kumar emphasises that “our main trend and post a net profit of around financial strength is that we have S$25 million for 2014.” been rated by Standards & Poor as In 2013, the company made a A-with a stable outlook. For the past conscious decision to consolidate few years, this achievement has its position by pruning business provided us with the much needed which did not meet with its market edge over our competitors.” underwriting criteria. “We are keen III has a very strong Capital on consolidating our position in the Adequacy Ratio (CAR) of 300, which market without losing our focus on is much higher than the regulatory the bottom line. Rather than going for requirement. Today, III’s total assets blind growth, we made this strategic are valued at S$700 million, with a decision which I am sure will reap rich shareholder’s fund of over S$300 dividends in the coming years.” million and investible funds of about III can attribute its success to: S$650 million. The experienced, qualified and A History of Success dedicated work force. Over the last few years, III have seen The company’s good risk retention a positive growth pattern. The Gross capacity, being able to underwrite a Written Premium (GWP) for 2011 was wide spectrum of risks. S$ 183 million rising to S$ 195 million Ability to take decisions in
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We are keen on consolidating our position in the market without losing our focus on the bottom line”