Public sector general insurer New India Assurance has posted a 19 per cent increase in net profit at ₹311 crore in the first quarter ended June 30, 2014, as against ₹262 crore in the same year-ago quarter.

The general insurer, which is wholly-owned by the Government, recorded a 13.28 per cent increase in global premium income at ₹4,020 crore (₹3,548 crore). The domestic premium collection stood at ₹3,398 crore (₹2,954 crore). The incurred loss ratio (ratio of losses paid and reserves-to-premiums earned) went up to 87.24 per cent as against 80.18 per cent due to a large property claim, said G Srinivasan, CMD.

Srinivasan said the insurer plans to recruit around 20,000 agents, 500 officers and 1,000 assistants during the year to expand its retail presence

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