New India Assurance Q1 profit up 27% to Rs 6.35 bn on strong operating show

The global gross written premium was up 9.9% at Rs 69.61 billion

The New India Assurance Company Ltd on Monday reported 27 per cent rise in net profit to Rs 6.35 billion for the first quarter ended June of the current financial year.

The state-owned non-life insurer had registered a net profit of Rs 4.99 billion in the April-June period of last financial year.

Its total income for the quarter under review rose to Rs 61.07 billion, as against Rs 55.72 billion, New India Assurance said in a regulatory filing.

The company said in a regulatory filing that its Indian gross direct premium during the first quarter of 2018-19 grew by 12.6 per cent from the year-ago period to Rs 60.53 billion.

The global gross written premium was up 9.9 per cent at Rs 69.61 billion. The Mumbai-headquartered insurer has presence across 28 countries.

It said it issued bonus shares in the ratio of 1:1 during June quarter of 2018-19.

"The company has improved its operating performance during the first quarter. Profit after tax for the first quarter has increased by 27 per cent. The company expects to improve the operating performance in the coming periods also," said G Srinivasan, Chairman Cum Managing Director of the company.

The ROE has been healthy at 16.1 per cent, it said.

The company stock was trading at 5.95 per cent higher at Rs 294 on BSE.