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New India Assurance aims to collect Rs150bn premium in FY14

The company would settle large number of motor third party claims through compromise and conciliation

May 15, 2013 3:28 IST | India Infoline News Service
Public sector general insurer New India Assurance Company aims to achieve Rs. 150 billion for premium collection in the current fiscal.

New India Assurance recorded net profit of Rs. 8.44 billion against Rs. 1.79 billion in FY11-12.

The general insurer would launch a number of measures to meet its target. The company is also planning to recruit 25,000 agents in FY13-14 and foray into retail business, with a view to increasing its presence significantly in rural, social and micro-insurance sectors.

The company would settle large number of motor third party (TP) claims through compromise and conciliation.

The company also plans to enter insurance business in Qatar, Myanmar and Canada.

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