Ad Here  
Smooth sailing of SAIL ITC – steep excise hike Back in growth mode Tata Steel, ThyssenKrupp sign MoU to merge European units It takes two to tango Tata Motors bets on new launches 29 per cent jump in TCS revenues Bajaj Finserv – Q1: fare well L & T’s floating dock for navy TI Cycles plans retail expansion to drive sales for premium bicycles L&T bags the Mumbai Trans-harbour link order ITC chairman calls for policy impetus to transform agriculture Right to privacy – now it’s fundamental! He excels in the nuts and bolts of entrepreneurship L & T set bigger ambitions in defence business PPP model for infrastructure development E.I.D Parry (India) Ltd: another sweet year A niche in FMCG business... Hyundai India achieves 7 mn production at Chennai factory Hindalco – re-rating Chinese smart phones flourish in small towns too! Tata Motors aims to be among the Top 3 global CV & PV firm AL wins Deming prize again From the toughest to the best year The unexpected exit M & M unveils driverless technology for tractors Tata Motors charts investments in PV and CV businesses Daimler grows sales and share in India Shriram Life clocks more than Rs.1000 crore premium in 2015-16 Mercedes-Benz sales continue to zoom Kone India eyes further growth in elevator market Rane targets Rs.5500 crore topline by 2018-19 Hyundai to focus on SUVs and AMT variants HPCL plans Rs.61,000 crore capex over 5-years Aurobindo Pharmacy: good turnaround Emami – a new growth mantra IOB on turnaround path RoC in the dock... AL introduces Guru & Partner Gamesa to set up a plant in Nellore Housing demand revival Carnival Films acquiring 3000 screens pan India Michelin to double Chennai capacity Tata Motors joins compact SUV bandwagon with Nexon Consolidating leadership position in smartphones Wabco launches safety system Are they really independent? Yamaha unveils scooter boutique New India Assurance posts impressive show Dish TV – subscriber additions encouraging L&T profit up by 11 per cent Last stages Sundram Fasteners rejigs international Titan Company – sales recovery to kick in Is this a generation gap? Smartphone onslaught by Chinese brands TVS Automobile invests Rs.75 crore in start-up firms Ode to Ratan Tata The gainers and the losers A welcome initiative-even critics are recognised LVB posts 31 per cent growth in Q1 net profit Record two-wheeler sales V-Guard launches app-enabled water heater system Maruti – for young buyers PSU non-life firms seek to protect share Nissan exit shouldn’t affect ALL Eyes strong growth in 2016-17 Welcome focus to improve rural India... TN government keen on revival of operations at Nokia complex Vellayan is back, after 150 days Toyota and Suzuki to introduce EVs in India by 2020 Daimler’s truck exports from Chennai cross 5000 units Forging industry worried over lower supply of steel and its price Singur minus Nano – victory or folly? Sivasankaran enters taxi space to take on Uber and Ola Solar installations exceed 2015 capacity in five months CAPITAL NOTES Preparing for the next growth curve TVS Srichakra plans capacity expansion Ponni Sugars (Erode) Ltd: not so sweet 2012-13 Land wars Increasing market share When small is not so beautiful… Tata gets 4-star rating for Zest AL secures orders for 3600 buses
New India Assurance posts impressive show

State-owned New India Assurance Company Ltd, India’s largest insurer, has reported a significant increase in its net profit at Rs.748 crore for the quarter ended 

30 September, 2017, as against Rs.260 crore in a year ago period. This was its first results post listing on the stock exchanges in early November. The gross written premium was Rs.6489 crore, a growth of 12 per cent compared to the same quarter last year.

G Srinivasan, CMD of New India Assurance, attributed the impressive performance to drop in claims ratio and operating expense ratio, supported by various steps taken by the company. Some of the initiatives included repricing of health insurance products and more efficient measures in claims control. Retail health premiums increased by 25 per cent, while corporate health premiums rose between 20 and 40 per cent. Claims ratio in health had come down from 111 per cent to 102 per cent while motor claims ratio was down from nearly 88 per cent to 83 per cent. Operating expenses were also down by 4 per cent, mainly due to scaling up of business without any increase in costs. This helped in reduction of the combined ratio at 111.76 per cent, against 119.81 per cent in the previous year.

The company declared an interim dividend of 75 per cent. Srinivasan said the industry would grow 18 to 20 per cent in the current fiscal and New India’s growth will also be in line with the market. New India has a share of 15 per cent in the Rs.1.30 lakh crore general insurance market. The company’s solvency margin was at a comfortable 2.24. The company had raised Rs.9600 crore through its IPO.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236