One of the major insurance companies New India Assurance company recently reported the growth of 36% in its net profit. The company has earned nearly a profit of Rs 701 crore in the current fiscal year. The profit of the company is much more in comparison to the last year’s profit.
Managing Director of the company stated that the company is planning for the profit of Rs 1,000 crore by the end of March. The growth of the premium income declined by 7%. However the insurer’s premium business of the company increased by 16%, it grew form Rs7216 crore to Rs 8,337 crore. The operating ratio of the company declined to23.65% from 23.82%. Investment income increased from Rs 2,055 crore to Rs 2,344 crore that accounts for an increase of 14%.