New India Assurance eyeing global premium of Rs 20,800 crore

Country's largest non-life insurer New India Assurance is targeting to achieve a global premium of Rs 20,800 crore in the current fiscal, a top company official said today.
The company recorded a global premium growth of 14.46 per cent in 2015-16 at Rs 18,371 crore.
While domestic operations rose 14.47 per cent, foreign operations recorded a growth of 15.10 per cent during the reporting period.
"We have done well in the year due to recovery in the country's economy and we are quite upbeat about registering a better growth during the current fiscal too. NIA's market share increase has happened for a third year in succession," New India Assurance (NIA) Chairman and Managing Director G Srinivasan told PTI here.

The company registered investment income of Rs 3,900 crore during the fiscal year ended March 31.
The net worth of the company, including fair value of investments, stood at Rs 28,845 crore in 2015-16. The asset base of the company was around Rs 62,880 crore during the reporting period.

The market value of investments as of March 31 was at Rs 45,257 crore. The company has declared a dividend of 125 per cent at Rs 250 crore for the reporting year.
The company is also gearing up for going public.
"The company's board has approved the IPO plan and the same has already been recommended to the government and now we are waiting for the government approval to come," Srinivasan said.

Talking about the company's plan for the current fiscal, he said NIA will come up with two health insurance products -- one for high networth individual and another a critical care product.
Talking about the premium prices, he said, "Prices have gone up in property and motor own damage by 10 per cent in the current fiscal."
As part of Pradhan Mantri Jan-Dhan Yojana (PMJDY), New India has provided personal accident cover to all Rupay account holders, numbering 20.7 crore. The company has sold around 1.5 crore Jan Suraksha policies so far, he said.