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Surge in investment income and upward revision in premium rates trebled the net profit of New India Assurance to Rs 644 crore in the first half of the current financial year as against Rs 205 crore in the year ago period.
Its global premium rose 12.5 per cent to Rs 6,906 crore. The investment income grew to Rs 2,055 crore from Rs 1,709 crore.
The general insurer reduced its management expenses to 22.5 per cent for the first half of the current financial year from 26 per cent during the previous year.
It also reduced incurred claims to 89 per cent from 93 per cent.
Its underwriting loss dropped to Rs 900 crore for the first six months of the current financial year from Rs 1,100 crore.
“We will focus on retail, SME and personal lines of business to reach Rs 15,000 crore global premium income for the current financial year,” said G Srinivasan, CMD, New India Assurance.
The company opened 650 micro-offices so far and plans to open 350 more micro offices in the next few months.
The general insurer plans to recruit 20,000 agents during the current financial year.
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