NIA doubles its net profit in Q1

Riding on better claims and operating ratios, country's largest non-life insurer, New India Assurance's net more than doubled in the April-June quarter at Rs 499.41 crore.
The company's net was at Rs 218 crore in the year-ago period.
While incurred claim ratio of the company came down to 87 from 89, its combined ratio, indicating overall financial health of the company, has improved from 116 per cent to 111 per cent during the reporting period, a public disclosure made by the company said.
The company's operating ratio also improved to 16.19 from 19.84 in the year-ago period, it added.
NIA's gross premium was up 17 per cent at Rs 6,132 crore from Rs 5,263 crore a year ago.

The company is targeting to achieve gross premium of Rs 26,000 crore by the fiscal-end, which will include the domestic premium of Rs 22,000 crore.

Underwriting loss of the company also came down to Rs 655 crore in the reporting period from Rs 737 crore a year ago.
Investment income of the company grew 30 per cent from to Rs 1,248 crore in the reporting period from Rs 919 crore a year ago.
Solvency margin of the company currently stands at 2.24 from 2.19 a year ago. The regulatory requirement of the solvency ratio currently stands at 1.5.
The company that has recently appointed five merchant bankers, and filed draft prospectus for an IPO with Sebi.

NIA's market value of investments stood at Rs 53,009 crore in fiscal 2017 from Rs 45,257 crore in the previous fiscal.
The asset base of the company at the end of the year jumped to Rs 69,173 crore during fiscal year 2017 from Rs 62,880 crore in the previous fiscal.