Public sector New India Assurance Company, the country’s largest general insurer, has posted a 187.52 per cent rise in net profit to Rs 748.27 crore for the second quarter ended September of FY18, compared with Rs 260.24 crore in the corresponding quarter of the previous year.
The rise in profitability was contributed by a significant improvement in the combined ratio, which dropped to 112.57 per cent in the quarter as compared with 124.24 per cent a year ago. The adjusted combined ratio for the quarter dropped to 91.45 per cent, compared with 103.65 per cent in the year-ago period, largely driven by improvement in claims ratio and expenses of management ratio, the company said.
The gross written premium was Rs 6,489.15 crore for the quarter with a growth of 12.18 per cent, against Rs 5,784.61 crore of earlier year. For the half year ended September 2017, the profit after tax (PAT) was Rs 1,247.68 crore, an increase of 160.80 per cent as compared to Rs 478.40 crore of the previous year.
The gross written premium for the half year was Rs 12,823.49 crore as against a figure of Rs 11,203.62 crore previous year, registering a growth of 14.46 per cent. The return on equity (annualised) of the company for the first half was 19.98 per cent as compared to 8.52 per cent of the same period previous year. The Solvency margin as of September 2017 was a very comfortable 2.24 times as compared to 2.04 times of earlier year. The company declared an interim dividend of 75 per cent.