New India Assurance recently reported that its net profit for the second quarter of the current financial year had reduced to Rs.328.64 crore. In comparison, the general insurance company registered a net profit of Rs.748.26 crore during the July-September quarter of FY18.
New India Assurance’s total income during the period under review rose to a sum of Rs.6,237.29 crore, in comparison to Rs.5,719.38 crore in the year-ago period. The insurance company’s gross premium during the second quarter of the current financial year stood at Rs.6,505.14 crore, as against a gross premium of Rs.6,489.15 crore in the second quarter of the previous financial year.
Mr. Hemant G. Rokade, the Chairman of New India Assurance, said the performance of the company was impacted due to losses suffered within the country and abroad. He added that the company’s health insurance business witnessed improvement during the second half of the financial year and that New India Assurance continues to be a market leader.
New India Assurance is the largest general insurance firm in India with a market share of around 14.4%. The insurance company operates in a total of 28 countries.
Sources: Business Standard, Moneycontrol