Money & Banking

New India Assurance reports 27% rise in Q1 net profit

Our Bureau Mumbai | Updated on July 30, 2018 Published on July 30, 2018

State run New India Assurance on Monday reported a 27.18 per cent increase in its net profit to Rs 635.19 crore in the first quarter of the fiscal.

Its net profit amounted to Rs 499.41 crore in the corresponding period last fiscal.

“The company continues to be the market leader. We expect to improve the operating performance in the coming periods also,”  said G.Srinivasan, Chairman-cum-Managing Director, New India Assurance.

The general insurer has a market share of 16.8 per cent.

Its total income for the first quarter of the fiscal increased by 9.6 per cent to Rs 6,107.62 crore, as against Rs 5,572.35 crore a year ago.

For the quarter ended June 30, 2018, its Indian gross direct premium increased by 12.6 per cent to Rs 6,053 crore. Meanwhile, its global gross written premium grew by 9.9 per cent to Rs 6,961 crore in the first quarter of the fiscal as against Rs 6,334 crore in the same period last year.

Published on July 30, 2018
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