New India Assurance sees surge in profit

Global premium of the company up 15% to touch Rs 10,255 crore

Public sector general insurer New India Assurance posted a 35.5 per cent rise in net profit for the nine-month period ended December 2013, compared to the corresponding period of the previous financial year. The insurer posted a profit after tax of Rs 701 crores for the period upto December 2013. G Srinivasan, chairman and managing director of New India Assurance, said the global premium of the company grew 15 per cent to touch Rs 10,255 crore.

The Indian business increased by 16 per cent to reach Rs 8,337 crore. The company also saw a marginal increase in its market share from 15.65 per cent to 15.87 per cent. New India has a target of collecting Rs 15,000 global premiums in this fiscal.

The incurred claims of the insurer came down to 86 per cent from the previous year’s 89 per cent. The operating expenses ratio also came down marginally to 23.65  per cent from 23.82  per cent.  The company’s combined ratio came down to 120 per cent at the end of December 2013 from 122 per cent recorded on December 31, 2012.