New India Assurance posted a net profit of Rs. 900 crore for the nine-month period ended December, up 27.2 per cent on year even as gross premium growth was muted at 1.9 per cent. The profit before tax increased by 33 per cent to Rs. 1,086 crore.
For the reporting quarter, the insurer posted profit after tax of Rs. 749 crore, up 52.4 per cent on year. “The muted growth in premium was due to the same period during the previous year recording significant revenues from the crop line of business and some government business, which were not there this year as also shedding certain loss-making businesses,” said Chairperson and MD Neerja Kapur.
Property line of business performed well, and the health line of business showed improved results during the period. Adverse development of claims in crop line of business and severe competition in motor line of business adversely impacted the results during the period, she added.