NEWS & ADVICE : AUTO INSURANCE
New India Assurance reports Q3 net profit of Rs 517 crore
By Neelima Shankar
Feb 6, 2013
Print    Email    RSS   

The country's largest general insurance company, New India Assurance posted a net profit of Rs 517 crore in the third quarter of the current financial year backing on increase in investment income and upward revision in premium rates.

New India Assurance reported loss of Rs 177 crore in the corresponding period of the previous year.

The company also reported growth in premium income of 18.8 per cent to cross Rs 8500 crore in the first three quarters of the current financial year.

The state-run insurance company also reduced its management expenses to 24 per cent from 26 per cent in the third quarter. It also reduced incurred claims from 93 per cent to 89 per cent. The investment income of New India Assurance grew from Rs 1709 crore to Rs 2055 crore.

Mr. G. Srinivasan, CMD, New India Assurance said, "In the case of fire and engineering insurance, there has been an increase in premium rates. The market is moving towards risk-based pricing though it has not reached optimum levels yet. In the case of retail health insurance, we recently requested the regulator for a revision in price in this segment".

Mr. Srinivasan added that the company is targeting a premium collection of Rs 12000 crore for the current financial year.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
An insight into two wheeler insurance
Kinds of auto insurance coverage
Factors affecting car insurance premium
All about Vintage/Classic car insurance in...
Tips to reduce Auto Insurance Premium


How to know Andhra Bank account holder name and...
SK AFTAB AC/ NO:33316067146 IFC CODE : SBIN0001792...
last six months statement
CDS/CRTR/
ministatement

NEWS THIS WEEK
New endowment plan launched by PNB met life Feb 18, 2015
Yes bank bagged High performance award 2014. Feb 13, 2015
Banks may strike at February end Feb 4, 2015
Reliance industries to enter in to banking in association with the SBI Feb 3, 2015
OBC bank reported a drop down in its net profit Jan 30, 2015
News Archive