New India Assurance Q3 profit rise 36%

The company has completed its Financial Inclusion drive of opening large number of micro offices in Tier 3 and Tier 4 towns

February 05, 2014 6:04 IST | India Infoline News Service
The General Insurance major, New India Assurance Company Limited continued its impressive performance by posting an increase of 36% in Profit After Tax to Rs.701 crores for the period upto December 2013.
Declaring the Third Quarter results Mr. G. Srinivasan, CMD told the press that the global premium of the company grew by 15% to touch Rs.10255 crores. The Indian business increased by 16% to reach Rs.8337 crores. The company has been able to increase its market share for the year.
Accelerated claims settlements and underwriting caution, saw the Incurred claims of the Company coming down to 86% from the previous year’s 89%. The operating expenses ratio also came down marginally to 23.65 % from 23.82 %. Company’s combined ratio came down to 120% at the end of December 2013 from 122% recorded on 31st December 2012.
Investment income went up by 14% to Rs.2344 Cr as against Rs.2055 Cr for the corresponding period of previous year.
The market value of the investments rose to Rs.37088 crores from Rs.35296 crores for the same period earlier year. The net worth of the company rose to Rs.8486 crores from Rs.7601 crores as on 31st December, 2012.
Earlier A.M. Best had reaffirmed A-(Excellent) rating making New India the only globally ‘A’ rated direct insurer in India.
The company has completed its Financial Inclusion drive of opening large number of micro offices in Tier 3 and Tier 4 towns announced by the Hon’ble FM in the Budget. The company has opened more than 700 such micro offices during the current financial year.
The company has also been focussing on settlement of motor Third party claims through conciliation by settling more than 22000 claims in the first 9 months. The company had settled about 13000 claims in the Mega Lok Adalat held in November, 2013.
While the company is the market leader in Corporate segment, it has robust strategies to foray into retail insurance. The company has plans to recruit about 20000 agents during the year.
Its robust IT Platform provides portals to Customers, agents, Motor vehicle dealers, Vehicle OEMs, B2 B connections. Company has exclusive tie up with Akshaya, the E Governance mission of Govt of Kerala to issue policies’ through the VLE outlets. Company has also tied up with CSC SPV, of Govt of India to provide Insurance policies through country wide Common Service centers. New India also have exclusive nationwide tie ups with Institute Chartered Accountants & Institute of Company Secretaries. Company also provides exclusive facility for transporters of BPCL for Carrier’s Legal Liability & Motor Insurance
The winner of Golden Peacock Award, 2013, for excellence in Corporate governance, had secured may awards in the current financial year. The year 2013-14, Company plans to recruit 500 Officers. It has already recruited 600 assistants to augment its manpower required for expansion.
New India Assurance bagged the operational cover for the prestigious Mono Rail project of Mumbai.

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