Expect profit to rise 10 pc this fiscal: NIC

Country's third largest general insurer National Insurance Company today said despite treasury income being under pressure, it will be able to clock around 10 per cent rise in profits this fiscal.
"This year, as capital markets remained weak, investment income will remain under pressure. However, we are expecting expecting 8-10 per cent rise in profits," NIC's Chairman and Managing Director K Sanath Kumar said here today during his first interaction with media after taking over as head of the city-based insurance PSU.
NIC was without any regular chairman for the last two years.
Kumar said, "PBT in 2014-15 was Rs 1,150 crore. The investment income was Rs 2,650 crore and underwriting loss at Rs 1,500 crore."

NIC hopes similar underwriting loss to continue in the current fiscal.
NIC is the third-largest general insurance player with Rs 11,200 crore share of the Rs 85,000 crore industry.

Till third quarter of 2015-16, the premium income was Rs 10,290 crore.
Speaking about listing plans, Kumar said, "The process for it has not started. I think initially, big PSUs will get listed. I am unable to comment whether listing of NIC will take place in 2016-17."
NIC plans to adopt 31 villages next year under its CSR programme, he added.