New India Assurance Q1 profit doubles to Rs 260 crore

For the past week, there has been a mix of 'break' and weak monsoon conditions. On all of these days, the monsoon trough has remained north of its typical location, near the Himalayan foothills.

Public sector general insurer New India Assurance on Friday reported doubling of net profit to Rs 260 crore for the June quarter. The non-life insurer had recorded a net profit of Rs 118 crore in the year-ago period.

Its total income rose to Rs 9,274 crore in the first quarter of the current fiscal, as against Rs 8,143 crore, New India Assurance said in a regulatory filing. The company said the gross premium during the quarter rose to Rs 11,362 crore as against Rs 10,349 crore last year.

The Mumbai-headquartered insurer, which has a presence in 28 countries, earned an income from investment of Rs 1,355 crore as against Rs 962 crore in the year-ago quarter.

The gross NPA of the insurer came down to 0.85 per cent from 1.19 per cent in the first quarter of the previous fiscal. The company witnessed an improvement in solvency margin to 1.85 per cent as against 1.72 per cent in the June quarter of last year.