New India sees 42% growth in profit

New India Assurance saw a 42 per cent growth in profit in the April-December period. Profit stood at Rs 996 crore as against Rs 701 crore in the same period of the previous year.

Global business was up 13.3 per cent and stood at Rs 11,181 crore.

Its India premium stood at Rs 9,580 crore, up 14.9 per cent at the end of December 2014.

G Srinivasan, chairman and managing director, said though Cyclone Hudhud and the Jammu & Kashmir floods marginally increased the incurred loss ratio, overall performance saw very good improvement, through better efficiencies and higher growth.

The combined ratio of New India was at 117.19 per cent, marginally lower than that of the previous year.