Financial Daily from THE HINDU group of publications
Friday, Jul 18, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 18, 2003 |
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Money & Banking
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Life Insurance NIC aims to be top non-life insurance co Our Bureau
Hyderabad , July 17 NATIONAL Insurance Company Ltd (NIC) is expected to cover 20 lakh families in the current year under the recently released Universal Health Policy, a policy designed by the non-life insurance public sector undertakings, according to the company Chairman and Managing Director, Mr H. S. Wadhwa. Mr Wadhwa told newspersons here on Thursday that special thrust would be given to personal line of insurance products that have given a robust growth to NIC last fiscal. It had also embarked on a Rs 165-crore information technology (IT) intervention project that would provide inter-connectivity between all its 1,000 offices in the country. He said NIC, which incurred a loss of Rs 93 crore in 2001-02, had registered a 23 per cent growth last fiscal against the average market growth of 12 per cent. The company had earned the highest accretion of Rs 541 crore out of a total accretion amount of Rs 1,558 crore among all non-life PSUs. The company would be posting operational profits for 2002-03. He said NIC, which had emerged as the third largest non-life insurance PSU in the country last year, was all set to become the No.1 company in the field. The current fiscal "will see us safely ensconced in No.2 position but we are trying to attain No.1 position this year itself," he said.
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