New India Assurance said that its net profit grew by 42 per cent to ₹996 crore in the December quarter ended 2014 against ₹701 crore in a year-ago period. “The catastrophes of Hudhud and Jammu and Kashmir flood marginally increased the loss ratio.
“However, the overall performance of the company saw very good improvement through better efficiencies and higher growth,” said G Srinivasan, Chairman and Managing Director, New India Assurance.
Premium growthThe global premium grew by 13.34 per cent to ₹11,181 crore against ₹9,685 crore at the end of the previous year’s third quarter. The domestic premium grew 14.91 per cent to ₹9,580 crore. The asset base of the company crossed ₹60,200 crore at the end of December 2014.