New India Insurance aims र600cr this FY
New India Assurance has set a net profit target of ` 600 crore the current fiscal. Besides, the company also plans for expansion of its foreign operations in 2013- 14.
“The company expects to make a net profit of about ` 600 crore during 2012- 13 recording a big jump from last year’s ` 179.31 crore,” G. Srinivasan, chairman and managing director of New India Assurance, told this newspaper on Sunday.
Mr Srinivasan, who was on a three- day visit to the state, said the company has clocked robust third quarter results with profit after tax of ` 517 crore as against a loss of ` 177 crore in the corresponding period of previous fiscal.
In India, New India has registered a gross premium of ` 8,542.86 crore during 2011- 12 against ` 7,097.14 crore during 2010- 11, the CMD said, adding, that with the overseas premium, the company has reached a gross premium of ` 10,073.88 crore in 201112. Stating that a premium target of ` 12,000 crore has been set by the end of the current financial year, the CMD said.
New India has become the first Indian non- life insurance company to cross the ` 10,000 crorepremium mark.
While maintaining that the operational efficiency went up this year with lesser claims and management expenses, Mr Srinivasan informed that the company plans to increase the number of agents from around 45,000 to one lakh in two years. The company witnessed a considerable increase in its investment income, which grew by more than ` 300 crore to ` 2,055 crore in first three quarters this year.