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Surge in investment income and upward revision in premium rates helped New India Assurance post a net profit of Rs 644 crore for the first half of 2013-14 fiscal as against Rs 205 crore shown during the year-ago period.
The global premium of the company rose 12.5 per cent to Rs 6,906 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 year ago period. It also reduced incurred claims to 89 per cent from 93 per cent earlier. The investment income of the company grew to Rs 2,055 crore from Rs 1,709 crore.
The underwriting loss for the general insurer dropped to Rs 900 crore for the first six months of the current financial year from Rs 1,100 crore in the same period last fiscal.
“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 has opened 650 micro offices so far and plans to open 350 more in the next few months to take the number to 1,000. The general insurer plans to recruit 20,000 agents during the current financial year.
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