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National Insurance Company Ltd aims to achieve 20 per cent growth in premium to Rs 11,000 crore in 2013-14.
The state-owned general insurer had posted 18 per cent growth in gross written premium at Rs 9,195 crore in 2012-13.
NIC also witnessed a marginal decline in claims ratio at 86 per cent in 2012-13, against 88 per cent in 2011-12.
Pre-tax profit
The company’s profit after tax grew by 115 per cent to Rs 696 crore in 2012-13, said a press statement issued by NIC.
“The 2012-13 results show that the company’s business strategies are yielding the desired results.
Buoyed with its overall performance National Insurance is optimistic of crossing a premium of Rs 11,000 crore in the current fiscal,” the release said.
NIC’s investment income grew by 23 per cent to Rs 2,102 crore during the year.
Expansion plans
The company set up 500 business centres to service the underserved areas in the country, thereby taking NIC’s office strength to 1,485 offices.
Under the financial-inclusion programme, NIC plans to open 363 offices and business centres in Tier I to IV cities this fiscal.
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