Surge in investment income and upward revision in premium rates helped New India Assurance post a net profit of Rs 844 crore the full year ended March 31, 2013 as against a net profit of Rs 179 crore last year.
Premium income for the state-run insurer grew 18 per cent to Rs 12,505 crore for FY 13.
The company reduced its management expenses to 25 per cent for FY 13 from 26 per cent. Investment income grew by 19 per cent to Rs 2,791 crore from Rs 2,344 crore.
The combined ratio (operating expenses plus claims as a percentage of premium) came down to 119 per cent for FY13 from 129 per cent last year. The company reduced its underwriting loss to Rs 1,800 crore for FY13 from Rs 2,200 crore last fiscal.
“We will continue to focus on retail and general line of business to tap the growth in this segment. The company plans to professionalise its agency force by mentoring and training and hire 50,000 agents by 2014,” said G. Srinivasan, CMD, New India Assurance.
He added that the company has set a premium collection target of Rs 15,000 crore for the year 2013-14.