New India Assurance targets net profit of Rs 600 cr this fiscal

"The company is expected to make a net profit of about Rs 600 crore during 2012-13 recording a big jump from last year's Rs 179.31 crore," Chairman cum Managing Director of New India Assurance G Srinivasan told reporters here.

After a lean phase, the company's registered a robust third quarter results with profit after tax of Rs 517 crore as against a loss of Rs 177 crore in the corresponding period of previous fiscal, he said.

New India has registered a gross premium in India of Rs 8,542.86 crore during 2011-12 against Rs 7,097.14 crore during 2010-11, Srinivasan said, adding together with overseas premium, the company has reached a gross premium of Rs 10,073.88 crore in 2011-12.

Stating that a premium target of Rs 12,000 crore has been set by the end of the current financial year, the CMD said New India has become the first Indian non-life insurance company to cross the Rs 10,000 crore premium mark.

Maintaining that operational efficiency had increased this year with lesser claims and management expenses, Srinivasan said the company plans to increase the number of

agents from around 45,000 to one lakh in two years.

The company witnessed a considerable increase in its investment income, which grew by more than Rs 300 crore to Rs 2,055 crore in first three quarters this year against Rs 1,709.14

... contd.