New India Assurance targets global premium of Rs 20,800 crore in current fiscal

Country’s largest non-life insurer New India Assurance is targeting to achieve a global premium of Rs 20,800 crore in the current fiscal, a top company official said. The company recorded a global premium growth of 14.46% in 2015-16 at Rs 18,371 crore.


While domestic operations rose 14.47%, foreign operations recorded a growth of 15.10% during the reporting period.


“We have done well in the year due to recovery in the country’s economy and we are quite upbeat about registering a better growth during the current fiscal too. NIA’s market share increase has happened for a third year in succession,” New India Assurance (NIA) Chairman and Managing Director G Srinivasan said.


The net worth of the company, including fair value of investments, stood at Rs 28,845 crore in 2015-16. The asset base of the company was around Rs 62,880 crore during the reporting period.

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