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Public general insurers’ net profit up in FY13

Insurers, including the New India Assurance, United India Insurance and Oriental Insurance, have seen an increase in net profit for FY13

May 10, 2013 1:12 IST | India Infoline News Service
Public general insurers have reported a rise in their net profits for the financial year ended 31 March 2013.

Insurers, including the New India Assurance, United India Insurance and Oriental Insurance, have seen an increase in net profit for FY13.

New India Assurance recorded net profit of Rs. 8.44 billion in FY12-13—the highest in past five years. The company’s net profit stood at Rs. 1.79 billion. The net worth of the company, largest among general insurers in India for many years, touched Rs. 77.37 billion growing from Rs. 70.58 billion in the previous financial year.

United India Insurance net profit rose 36% to Rs. 5.27 billion for FY12-13 from Rs 3.87 billion for the previous year. The state owned insurer’s premium increased 13% to Rs. 92.66 billion during FY12-13 from Rs. 81.79 billion during the previous year with an accretion of Rs. 10.87 billion.

Similarly, Oriental Insurance almost doubled its PAT in FY13, at Rs. 7.95 billion.

For most public general insurers, underwriting losses have declined significantly due to the dismantling of the third-party motor pool for commercial vehicles. This was replaced by the declined risk pool from April 1, 2012.

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