Financial Daily from THE HINDU group of publications
Wednesday, Oct 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 01, 2003 |
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Money & Banking
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General Insurance New India sets 19% higher target for premium Our Bureau
Mumbai , Sept. 30 NEW India Assurance Company Ltd has set a premium target of Rs 4,100 crore from its domestic operations during the year 2003-2004. This is 19 per cent higher compared to Rs 3,921.24 crore premium earned during 2002-2003 from its Indian operations. In the overseas operations, the company has targeted a gross premium of Rs 935 crore against Rs 891.55 crore in the previous year. The company has recorded a 14.64 per cent growth in the overall gross direct premium at Rs 4,812.79 crore for the financial year 2002-03 from Rs 4,198.06 crore in the previous year. Indian operations contributed Rs 3,921.24 crore to the overall gross premium. Its overall net premium grew up to Rs 3,516.43 crore (Rs 3,068.33 crore). The highest growth was in the Motor Department, which increased by 28.81 per cent partly due to an upward revision in the motor tariff effective from July 1, 2002, said a release.
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