New India profit jumps 187% in Sept quarter

State-owned general insurer New India Assurance Company posted a 187 per cent rise in net profit at Rs 748.27 crore in the quarter ended September (Q2FY18) due to drop in claims and control over expenses.

It had posted a net profit of Rs 260.24 crore in July-September 2016 (Q2FY17). The company’s board announced an interim dividend of around Rs 300 crore.
 

Gross written premium rose 12.18 per cent to Rs 6,489.15 crore in Q2FY18 against Rs 5,784.61 crore in Q2FY17.

“The increase in profitability is largely due to a drop in the incurred claims ratio (ICR) and also improvement in the operating