New India Assurance turns around, reports net profit of Rs 517 cr

New India Assurance, the largest general insurance company in India, has reported a net profit of Rs 517 crore in the third quarter ended December 2012 on rising premium income and improved operational efficiency. It had posted a loss of Rs 177 crore in the corresponding period of previous fiscal.

Income from premium grew by 18.18 per cent to around Rs 8,500 crore in the third quarter of the fiscal. “We plan to reach premium target of Rs 12,000 crore by the end of this fiscal with Rs 10,000 crore coming from domestic operations and rest from overseas,” CMD G Srinivasan said.

“The incurred claims has been brought down to 88.81 per cent by the end of December against 93.29 per cent reported in the same period last fiscal along with lowering of management expenses,” Srinivasan said.

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