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L&T General Insurance Company Limited to commence Operations; receives R3 approval from IRDA

Mumbai, July 19, 2010: L&T General Insurance Company Limited, the general insurance arm of the $9.8 billion Larsen & Toubro Ltd. (L&T) would commence its operations soon. The company has received the necessary license from the Regulatory Authority for commencing the business operations.

Mr. Y M Deosthalee, Whole-time Director & Chief Financial Officer, L&T said, “Given the size and the opportunity, L&T considers financial services as an important business in its portfolio. Entry into general insurance is part of the overall vision to build a wholesome financial services business. We have put together a team comprising of very experienced professionals in insurance and risk management. We are very confident of building a world class insurance business in India".

Commenting on the R3 approval, Mr. N Sivaraman, Senior Vice President,  Larsen & Toubro said, "We are very pleased to receive the approval from IRDA and are fully geared up to commence our General Insurance operations in India. As a part of our long term vision, we identified general insurance business as a vital component for a profitable growth. Our general insurance venture would help synergize with L&T’s existing Financial Services Business by deepening and widening its services. It will be our main focus to ensure world class quality of customer service. We would offer a suite of products, subject to approval of the regulatory authority IRDA, in the coming months.”

Mr. Joydeep Roy, Chief Executive of L&T Insurance said, “With the R3 approval, we are now in the process of filing further documents with the Regulator for our proposed products. We intend building a customer focused business which will address distinct needs of the individual and corporate customers through sustained innovation backed by a prudent and disciplined underwriting philosophy. We have extensively invested in state-of-the-art technology to give customers and distributors a completely seamless experience."

Media enquiries to :

Dattu Hegde
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Tel: 022 - 2281 3565
E-mail: dattu.hegde@adfactorspr.com

Debashree Chatterjee
Mobile: 9833275977
Tel: 022 - 2281 3565
E-mail: debashree.chatterjee@adfactorspr.com
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