New India Assurance on Monday reported a 29% rise in net profit to R1,089 crore for the year to March on the back of improvement in underwriting and claims management.
The largest general insurer's gross underwritten premium increased 14.4% to R14,304 crore in the just ended fiscal from R12,504 crore in FY13.
In the last financial year, the insurer had increased its market share to 15.82%.
ďDespite a subdued market environment, we have witnessed sound growth in premium and surpassed the industry growth rate of 12.6% in the last fiscal,Ē New India Assurance CMD G Srinivasan said.
While the PSU insurance firm's incurred loss ratio came down to 83.5% from 85.49% a year ago, the combined ratio declined to 117% from 119% in FY 2013. The company, which had an underwriting loss of R1,900 crore, said it hopes to achieve underwriting break-even in the next three years. In FY14, it had an investment income of R3,193 crore against R2,791 crore in FY13.
Asked about growth expectation in the current financial year, Srinivasan said the general insurer aims to reach a global premium income of R16,500 crore in FY15.