New India's policies grow, drive net up 31% in 2014-15

State-owned New India Assurance reported a 31 percent increase in net profit at Rs 1,431 crore for the fiscal ended March 31, 2015, buoyed by high investment income and increase in number of policies.
The strong numbers came despite an increase in underwriting losses.
The company had registered a profit after tax of Rs 1,089 crore in the previous fiscal.
"We were able to increase our net by 31 per cent for the year gone by over the previous fiscal due to higher investment income and increase in number of policies, which helped us maintain our management expenses ratio at almost the same level compared with the year-ago period," New India Assurance Chairman and Managing Director G Srinivasan told reporters here today while announcing the financial results.

New India's global business grew 12.20 per cent to Rs 16,050 crore while its domestic business went up 14.46 per cent to Rs 13,209 crore.
The company's underwriting losses for the reporting year stood at Rs 2,200 crore as against Rs 2,000 crore in the year-ago period.

New India Assurance issued 2.44 crore policies during the year, an increase of 12 per cent over the previous fiscal. Its investment income came in at Rs 3,820 crore as against Rs 3,193 crore during the previous year.
However, the company's management expense ratio marginally rose to 21.96 per cent for the year as against 21.78 per cent in the previous fiscal.

New India has declared a dividend of 150 per cent for Rs 300 crore against Rs 220 crore a year ago.
New India's market share stood at 16.44 per cent, up from 15.82 per cent in the year-ago period.
The net incurred claim ratio of the company also went up due to two natural calamities -- the J&K floods and Cyclone Hud Hud.