New India Assurance

New India Assurance on Wednesday reported a net profit of Rs 71 crore for the second quarter ended September 2024. The state-owned general insurer had booked a net loss of Rs 200 crore in the year-ago period. The total income of the Mumbai-based entity rose to Rs 10,090 crore from Rs 9,839 crore in the year-ago period, New India Assurance said in a regulatory filing. The company's written gross premium also rose to Rs 9,620 crore in the second quarter of this fiscal compared to Rs 9,397 crore a year ago. Its net premium collection increased to Rs 8,067 crore against Rs 7,894 crore in the same quarter a year ago, it said. However, the total expenditure of the company during the period under review declined to Rs 10,577 crore from Rs 10,628 crore in the year-ago period.

Amid the surge in medical inflation, other insurance companies are also believed to have increased their health insurance premiums

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 last year.

Surety bonds can help smaller infra developers compete with larger, more established ones for bigger contracts, the company said

According to the National Commission, the average clause couldn't apply since the policy didn't have individual coverage limits for building, stock, and packaging material

On Monday, shares of General Insurance Corporation hit a fresh 52-week high at Rs 182.65, up 10 per cent; New India Assurance rallied 8 per cent.

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

The National Commission observed that the requirement of first-class construction was mentioned in the cover note and the policy, so stock kept elsewhere wouldn't be covered

The position of CMD of New India has been lying vacant since former chairman Atul Sahai retired on February 28

Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments

Even as The New India Assurance Company Ltd is on a massive recruitment drive, suspense continues in the case of the remaining three government owned non-life insurers, said industry officials.

This comes after a double-digit growth in premiums in December and low single-digit growth in November, preceded by contraction in September and October

In a recent case, National Commission observed that the policy defined an employee to include officers, clerks, servants and other employees

The three are seen as key players to deal with systemic risks and moral hazard issues, have been told to raise corporate governance levels and promote a sound risk management culture

The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture, IRDAI said in a statement

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The special insurance scheme would be a group personal accident policy, which includes accidental loss of life on account of contracting the deadly virus.

The move comes after the insurer filed an application proposing to settle

With segments such as motor, health, fire and crop insurance being the stronghold of both players, they have nearly the same product profile