The Tata AIG General Insurance Company Ltd has posted more than 200 per cent increase in its premium income at Rs 240.8 crore (Rs 2.41 billion) in the financial year ended March 31, 2003, compared to Rs 81.6 crore (Rs 0.82 billion) recorded during the previous fiscal.

The increase is due to the "robust topline growth through a combination of consumer and corporate insurance sales" during the year under review, Tata AIG said in a release in Mumbai on Monday.

The company posted a 100 per cent increase in the number of policies at 1.88 lakh, of which 8,114 policies were issued to the corporate sector, the release said.

The Tata AIG settled over 23,000 claims, totalling Rs 59 crore (Rs 0.59 billion) during the year under review, it added.

Commenting on the results, Tata AIG chairman Farrokh K Kavarana said the company had achieved "great performance" in the second year of operations through value-proposition and "excellent service".

He said the company would deliver strong growth in the current financial year as well.

Meanwhile, Tata AIG managing director Dalip Verma said with the Insurance Regulatory and Development Authority ushering in changes for broker distribution channels, the company "looks forward to working with this channel to expand distribution".

The company, which has a presence in 11 cities, is also planning to further expand its presence to another six to eight cities in the country, he added.

The Tata AIG is a tie-up between the Tata Group and the American International Group Inc.