New India Assurance Q2 profit up 61% at Rs 530 cr

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State-owned general insurer New India Assurance on November 13 reported a 61.3 percent rise in net profit at Rs 529.97 crore for the second quarter ended September 30. The company had registered a net profit of Rs 328.64 crore in the corresponding quarter of the previous fiscal.

Its total income rose to Rs 6,994.60 crore during July-September quarter as against Rs 6,237.29 crore in the year-ago period, the company said in a regulatory filing.

However, the solvency ratio of the company declined to 2.08 as against 2.52 in the same quarter last year.

These results are despite the company incurring significant losses to its net, to the tune of 335 crore during the quarter due to floods in different parts of the country, New India Assurance said in a statement.

There is slow down in motor segment and provisions towards bad debts and diminution in value of certain equity investments further impacted profitability by Rs 40 crore in the quarter, it added.