29 Years
Home > Business > Best Managed New India Assurance Fares Well

Best Managed New India Assurance Fares Well

Thursday, February 06, 2014
By Dominic Rebello

April-Dec profit rises 36% to Rs 701 crore, company targets net profit of Rs 1,000 crore by March end

Best managed general insurance major and winner of the Golden Peacock Award, 2013, for excellence in Corporate governance, the New India Assurance has reported a 36 % rise in its net profit for April-December period of the current financial year at Rs 701 crore on account of growth in investment income. The state-run insurer’s net profit in the corresponding period last year stood at Rs 517 crore.

“Investment income has gone up and a large part of the increase comes from fixed investment income, which is interest dividend, because of the funds we have built up from premium income,” the company’s chairman and managing director G Srinivasan told reporters yesterday.

Investment income rose 14 % to Rs 2,344 crore as against Rs 2,055 crore for the same period  last year. The market value of the investments rose to Rs 37,088 crore from Rs 35,296 crore for the same period last year. Srinivasan said the company was looking at net profit of Rs 1,000 crore by March end.

The company’s global premium grew 15 % to Rs 10,255 crore. “Our target for the entire global operation is Rs 15,000 crore for the current year. We are on the right track but it is not a easy job...It is a challenging task considering the slight slowdown we are seeing in the Indian market,” he said.

The growth in premium income in the Indian market has fallen to 13 % this year from 20 % last year. The insurer’s Indian business premium increased by 16 % to Rs 8,337 crore as against Rs 7,216 crore year-ago. The operating expense ratio came down marginally to 23.65 % from 23.82 %. The net worth of the company rose to Rs 8,486 crore.

No Comments Posted
City news
And they will keep on doing so till ...
UGC grants bonus marks to all students who ...
Sonam Kalra & The Sufi Gospel Project will ...
I have been smitten by a married lady! I really a
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Patient and prudent efforts prove fruitful, particularly regarding money matters. Be more prompt with work as you tend to take it easy. There are opportunities galore, provided you are game to taking risks. However avoid making large financial commitments for these will lead to setback. Be prepared for a little harmless flirting at an outing. Try not to get too emotional about a little fun for that is what it is meant to be.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)What the cards say: Take care of your health. Path: Follow some health rules. Don’t be reactive. Take it easy. Ally: Take help from Taurus. Avoid advice from Leo. Card for the week: Tarot key no. XIII Death. Suggests change that will need to be handled. New thinking can result.
- Advertising -
‘As property prices are rising, so are marriage d
Baaya Design was found by Shibani Jain in 2009.
When you’re going in for a realty purchase, chanc
Read More