New India records profit of Rs 483 in third-quarter

New India Assurance (NIA) records a third-quarter profit of Rs 483 crore, which was Rs 114 crore in the previous year registering a loss. It is being assumed that that investment income and reduced underwriting losses supported the insurer to achieve the profit. NIA’s gross premium grew by a modest 3% year-on-year to Rs 6,989 crore. Health insurance increased 19% to Rs 2,150 crore, while motor insurance increased 5% to Rs 2,587 crore. However, this was offset by a decline in crop insurance premium to Rs 14.7 crore from Rs 113.3 crore. Profits came from investment income which increased 72% to Rs 1,476 crore, pushing total income up 20% to Rs 7,620 crore.