Public Disclosure


India International Insurance Pte Ltd is an established general insurer in Singapore serving since 1987, with significant expertise in underwriting of Property, Engineering, Marine (Hull and Cargo), Motor and other Liability classes of general insurance. The focus is on highly specialized class of Marine Hull Insurance and Property Insurance in both Singapore and other regions.

We’re rated by Standard & Poor’s as “A-“

Our Vision is “To be a leading general insurance company in Singapore with high professional standards and business ethics, supporting the economic activity and growth in Singapore and the region.”

Our Core strengths are strong capital position with robust solvency ratio, management team of well qualified and highly experienced professionals, strong niche player in the competitive Singapore insurance market, and capacity to underwrite a wide spectrum of risks.

All efforts are made to achieve the objective of Excellent Customer Service.

Our Products are:


'India International Insurance Pte Ltd' is equally owned by India’s five state-owned general insurance companies:

India International Insurance Pte Ltd is governed by the laws applicable to Insurance Companies registered in Singapore and abides by Regulations of Insurance Regulators.

The Company has the Audit Committee, Investment Committee, Nomination Committee, Risk Committee, Information Technology Committee and Remuneration Committee in place who shall report to the Board of Directors.

Our Board of Directors as on 1 April 2020

The Board oversees the Corporate Governance for:


The primary objective of the Company’s risk and financial management framework is to have efficient and effective risk management systems in place. The Company has established a risk management function with clear terms of reference from the Board of Directors, its Committees and the associated Executive Management Committees. This is supplemented with clear organizational structure with documented delegated authorities and responsibilities from the Board of Directors to executive management committees and senior managers.

The Board of Directors approves the Company’s risk management policies and meets regularly to approve any commercial, regulatory and organizational requirements of such policies. These policies define the Company’s identification of risk and its interpretation, limit structure to ensure the appropriate quality and diversification of assets, align underwriting and reinsurance strategy to the corporate goals, and specify reporting requirements. The Company’s overall business strategies, its tolerance of risks and its general risk management philosophy are determined by management in accordance with prevailing economic and operating conditions. The Company takes care of its Asset-Liability Management (ALM) with the help of the appointed Actuary.

The key financial risks include exposure to underwriting, credit, liquidity risk, currency, price and interest rate risk arise in the normal course of business.

In terms of Enterprise Risk Management Strategy, III has developed the following:

In terms of governance over the ERM activities, III has undertaken the following:

All the above has been documented in III ERM Policy and III ERM Framework.

Please refer to Note no. 3 of ‘Notes to Financial Statements’ in the Annual Report 2019 for further details on Risk and Financial Management.

Key appointment holders for the Company as on 31st December 2019 are as below:

Chief Executive Officer Mr. T. Babu Paul
Chief Finance Officer Mr. K. S. Sundara Rajan
Chief Risk Officer Mr. Michael Wee
Appointed Auditor Deloitte and Touche LLP
Appointed Actuary Mr. David Maneval of Willis Towers Watson Singapore
Internal Auditor Mr. Chan Kheng Hua

Ascertaining Premium and Claim Liabilities:

The premium and claim liabilities are provided in accordance with the regulatory guidelines and with the help of appointed actuary which are duly audited by the statutory Auditors.

The detailed information is given in Note no. 2 of ‘Notes to Financial Statements’ (point no 2.6 to 2.9) in the Annual Report 2019.


The primary objective of capital management is to ensure maintaining a strong credit rating and healthy capital ratios in order to support the business and maximize shareholder value. Capital includes equity attributable to the owners of the Company less the fair value adjustment reserves. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions.

The Company is subject to minimum capital requirements under the Insurance Act. To determine its capital for regulatory purposes, the Company makes certain adjustments to the carrying values of its assets and liabilities. The regulatory capital requirement is determined by the application of statutory formulae to the Company’s business information and has complied fully with these capital requirements.

Table for Capital Adequacy Ratio (CAR):

31.12.2019 31.12.2018 31.12.2017
Capital Adequacy Ratio 348.43% 368.93% 358.25%
Minimum Capital Adequacy Ratio 135% 120% 120%


The Company has a conservative investment approach. The investments are done in accordance with the Board’s approved investment policy. The Company’s Investment Objectives are:

To achieve these objectives,

The Company’s strategy of continuously reviewing the available investment options and cautious selection with a goal to spread the risk and modify the portfolio mix has yielded good results, which shall be maintained. Conservative investment philosophy of the Company will continue in the long term, however in the medium term in order to augment the investment income, in this current low interest rate regime, the focus would be more on fixed income bond/equity which falls within the ambit of investment policy of the Company.

Reporting of Investments is done in accordance with FRS 107. Notes no. 2.13 and 4 of ‘Notes of Financial Statements’ in the Annual Report 2019 explain in details the valuation and reporting of Investments in the Books of Accounts.

Investments Assets by Components 2019 2018
Held to Maturity 248,681 245,115
Available for Sale 182,242 133,591
Mortgage Loans 0 0
Cash and Bank 230,464 266,207
Total Investments Assets 661,387 644,913


2019 2018 2017
Gross Premium 149,566 135,986 157,085
(YOY Growth %) 9.99% (-)13.43% (-)0.06%
Underwriting Profit (14,584) (24,477) 2,003
Investment Income 24,277 22,092 18,146
Profit before Tax 10,701 6,271 4,375

Claims Statistics tables are available in Note no. 14 of ‘Notes to Financial Statements’ in Annual Report 2019.