The Hindu Business Line : National Insurance premium income at Rs 3,811 crore

NATIONAL Insurance Company Ltd has recorded a premium income of Rs 3,810.65 crore in 2004-05, of which Rs 3,799.91 crore pertain to premium earned in India.

NIC, which retained the second position among non-life insurers, has registered a growth of 12.08 per cent amongst the PSU insurance companies, thanks to the highest accretion of premium — Rs 408.08 crore.

The profit before tax stood at Rs 141.21 crore compared to Rs 73.01 crore in the previous fiscal, a press release here said. The claim disposal and policy issuance ratios have also increased from 68.02 per cent to 70 per cent and from 99.23 per cent to 99.56 per cent respectively.

NIC's investment income has moved up to Rs 685.17 crore (Rs 662.69 crore). Its investment portfolio is Rs 4,399.32 crore. The accumulated net worth stood at Rs 1,214.83 (Rs 1,113.76 crore), while the total assets base has increased by Rs 1,353.61 crore to Rs 10,270.95 crore.

NIC is in the process of restructuring the composition of its underwriting portfolio. "The levels and degrees of exposure to different risk groups are being suitably readjusted", the press release said, adding that the company now proposed to consolidate its position.

The Kolkata-based insurer is working out a plan to extend medical insurance to account holders of various banks with whom it has tie-up arrangements. Incidentally, it has strategic alliances with four-wheeler and two-wheeler manufacturers. It garnered a premium of Rs 583 crore out of such tie-ups during the year.

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