Companies

New India Assurance profit up 36% in April-December

Our Bureau Mumbai | Updated on February 05, 2014


A surge in investment income helped New India Assurance Company report a 36 per cent increase in net profit to ₹701 crore in the April-December period of the current financial year.

Investment income rose 14 per cent to ₹2,344 crore against ₹2,055 crore in the same period last year. The market value of the investments rose to ₹37,088 crore from ₹35,296 crore in the same period last year.

The company's global premium grew 15 per cent to ₹10,255 crore. The combined ratio (operating expenses plus claims as a percentage of premium) came down to 120 per cent as of December-end 2013 from 122 per cent recorded in December-end 2012.

“All round improvement in major parameters has resulted in a reduction in underwriting losses to ₹1,600 crore,” said G. Srinivasan, CMD, New India Assurance. The general insurer will continue to focus on retail and personal lines of businesses to fuel growth, he added.

The company has recruited 600 assistants and plans to enlist 500 officers and 20,000 agents during the current financial year.

Published on February 05, 2014

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