New India Assurance, India's largest non-life insurance company reported profit after tax (PAT) of Rs 617 crore in the third quarter against loss of Rs 24 crore in the year-ago period, on reduction in claims ratio in motor and health segment. Combined ratio dropped to 109.1% compared to 123.9% in the year-ago period. The gross written premium stood at Rs 6,385crore as against Rs 5,213 crore in the year-ago period, up 23%. Senior officials added profit also increased due to the low expense ratio. G Srinivasan, chairman and managing director said, \u201cThe results have improved substantially due to improvement in combined ratio, which was aided by lower claims ratio and operating expense ratio due to steps taken by the company.\u201d Senior officials in the company added, they have exited many loss making portfolios especially in the health and motor segment. Even underwriting losses improved to `464.30 crore as against `1,036.89 crore in the year-ago period. Incurred claim ratio stood at 82.82% as against 95.61% in the year-ago period. Industry participants are cheered up by the recent announcement of the National Healthcare Protection Scheme in the Union Budget. \u201cThe National Healthcare Protection Scheme announced by the government is a game changer,\u201d he added.