New India tops $1 billion in premium income in FY03

 This makes it the first non-life Indian company to cross the $1-billion mark in premium income, with Rs 3,921.24 crore mopped up from the domestic market and the balance Rs 891.55 crore raised from the foreign operations.

 Liberalisation of the insurance industry has, however, taken its toll on public sector players, especially New India, whose growth rate was higher (at 14 per cent) in 2001-02, when its aggregate premium income stood at Rs 3,512.33 crore.

 This has resulted in New India softening its targets for 2003-04. According to the management, the company has set a very conservative growth rate target in keeping with the developments in the industry.

 Total gross premium is expected to touch Rs 5,000 crore by March 2004. On the domestic front, New India expects premium to touch Rs 4,089.75 crore, reflecting a rise of 3.83 per cent. On the foreign business, the company is targeting a five per cent growth in gross premium income at Rs 935 crore.

 Said company officials: