New India Assurance Q1 net rises 27% to Rs 635 cr

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Mumbai | Published: July 31, 2018 1:35:14 AM

The state-owned non life insurer had registered a net profit of Rs 499 crore in the April-June period of last financial year.

New India Assurance Q1 net rises 27% to Rs 635 cr

The New India Assurance Company reported a net profit of Rs 635 crore for the first quarter of current fiscal, a rise of 27% from the previous year. The rise in profits for the state-owned non-life insurer was largely due to the lower combined ratio and higher premiums.

“The company has improved its operating performance during the first quarter. Profit after tax for the first quarter has increased by 27%. The company expects to improve the operating performance in the coming periods also,” chairman and managing director G Srinivasan said.

He added that the company continues to be the market leader. The Indian general insurance industry is poised for a great expansion in the coming years and New India as the market leader would leverage this for continued better performance.

The state-owned non life insurer had registered a net profit of Rs 499 crore in the April-June period of last financial year.

New India, which has a market share of 16.8% and continues to be the market leader, saw its Indian gross direct premium during the first quarter of current fiscal grow by 12.6% from the year-ago period to Rs 6,053 crore.

While, the global gross written premium was up 9.9% at `6,961 crore.

The combined ratio of New India Assurance remained flat at 111.02% in Q1 of this financial year from 111.03% a year ago.

However, adjusted combined ratio in the first quarter stood at 94.72% as against 95.32% in previous financial year.

Among the business segments, health (including personal accident) and fire saw underwriting loss of `476.29 crore and `207.80 crore in first quarter of 2018-19. Motor, engineering and aviation also saw underwriting losses. However crop insurance saw underwriting profit of around `44 crore in Q1 of current financial year.

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