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The company drastically brought down its underwriting loss (roughly premium minus claims paid plus operating expenses) to Rs 464.30 crore for the quarter ended December 31, 2017 from Rs 1,036.89 crore posted during the quarter ended December 31, 2016.
In a regulatory filing in BSE, the company said it had posted a net profit of Rs 617.28 crore for the quarter ended December 31, 2017, up from a loss of Rs 23.69 crore posted during the corresponding quarter the previous year.
For the quarter under review, the company has earned a total income of Rs 5,900.68 crore up from Rs 4,729.18 crore earned during the corresponding quarter of the previous year.
"The results have improved substantially due to improvement in combined ratio. The drop in the combined ratio was aided by lower claims ratio and operating expense ratio due to various steps were taken by the Company.
The General Insurance Industry is poised for a great growth and New India as a market leader will play a very significant role in the growth of the market," G. Srinivasan, Chairman and Managing Director said.
"The National Healthcare Protection Scheme announced by the Government is a game changer and will contribute to insurance penetration going up in a big way. The Insurance Sector will also be greatly benefitted by various measures announced in the Budget to improve Rural economy and Infrastructure," he added.