India's largest public general insurer, New India
Assurance posted a net profit of Rs 262.03 crore for the quarter ended June
30, 2013, compared to a net loss of Rs 486.44 crore in first quarter last
fiscal. The company collected total premiums of Rs 3548 crore for the period, up
by 10% from the same quarter previous year.
G Srinivasan, CMD, New India
Assurance said that they have set a target of Rs 15,000 crore as total premium
for 2013-14, with a growth of 20%. The company has brought down its incurred
claims ratio from 118% in Q1 2012-13 to 80% in Q1 2013-14. The net worth of the
company was Rs 8,019.39 crore for the period.
The combined ratio of the
company stood at 111.22%, compared to 147.03% in same period previous year.
Though the investment income dipped marginally by Rs 40 crore, the market value
of investments rose by Rs 2701 crore. The underwriting loss of the company
dropped to Rs 310 crore for Q1, compared to Rs 1010 crore in first quarter of
previous fiscal.
During this fiscal, the company is looking to launch new
products in its online portal including motor third party, householder's policy
among others. New India has also constituted a grievance management structure,
to address complaints in health insurance internally.
The state owned
insurer has further said that it will stop charging additional premium for
people with ailments such as diabetes and hypertension. These changes have been
made effect from July onwards. It is to be noted that diabetics are charged
about 8-10 per cent higher than others, due to the risks
involved.
Speaking about the Uttarakhand
disaster, Srinivasan said that the company has incurred Rs 150 crore loss from
the natural calamities, of which Rs 100 crore has been reinsured. In terms of
setting up micro-offices to achieve financial inclusion, New India is looking to
have 1,000 such offices by the end of this fiscal.
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....COURTESY ..Business Standard dt.02nd Aug 2013
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