New India Assurance Company posted a 42% y-o-y rise in profit after tax (PAT) at Rs 441 crore for Q1FY16 on the back of an increase...
New India Assurance Company posted a 42% y-o-y rise in profit after tax (PAT) at Rs 441 crore for Q1FY16 on the back of an increase in new premiums and fall in expenses and claims. A rise in investment income also boosted the profits.
The company had posted a PAT of Rs 311 crore in the year-ago period. G Srinivasan, chairman-cum-managing director, said: “It’s a positive result for us as we performed well on all parameters. We are seeing an increasing participation from retail investors and many new investors are coming in too.” The company’s premium collection from India business grew to Rs 3,877 crore in the first quarter from Rs 3,398 crore in the previous year, up 14.08%.
Its foreign operations continue to do well with gross premium touching Rs 711 crore in the June quarter. The company also re-entered the Myanmar market after the recent opening of a representative office at Yangon.
During the April-June quarter, the global premium of the company grew 14.13% from Rs 4,020 crore in the
previous year’s Q1 to Rs 4,587 crore.