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State-run New India Assurance, on Monday, reported a 27.18 per cent increase in its net profit at ₹635.19 crore in the first quarter of the fiscal.
Its net profit amounted to ₹499.41 crore in the corresponding period last fiscal.
The general insurer has a market share of 16.8 per cent. Its total income for the first quarter of the fiscal increased by 9.6 per cent to ₹6,107.62 crore against ₹5,572.35 crore a year ago. For the quarter ended June 30, 2018, its gross direct premium increased by 12.6 per cent to ₹6,053 crore. Meanwhile, its global gross written premium grew by 9.9 per cent to ₹6,961 crore in the first quarter of the fiscal against ₹6,334 crore in the same period last year. The insurer also reported a solvency margin of 2.66 times as on June 30, 2018, against 2.24 times a year ago.
It said it issued bonus shares in the ratio of 1:1 during the June quarter.
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