New India Assurance H1FY15 PAT up by 40%

Net profit increased to Rs 899 cr in the period against Rs 644 cr in same period previous fiscal

New India Assurance has posted a 40% in net profit for April to September period (first half of FY15) this fiscal compared to same period previous year. The net profit increased to Rs 899 crore in the period against Rs 644 crore in same period previous fiscal.

The company's global premium increased to Rs 7728 crore in the period, showing a 12% growth.. Their market share in Indian operations went up to 16.5% as against 15.86% in the previous year.

G Srinivasan, chairman and managing director of New India Assurance said that the company has about Rs 200 crore worth claims from Jammu & Kashmir floods and Rs 300 crore claims from Hudhud cyclone. The combined ratio of the company stands at 114.84% as of September 2014 which is similar to the ratio in the period last fiscal.