New India Assurance Company has achieved a 36 per cent rise in its net profit at Rs. 701 crore in the third quarter ended December 31, 2013, against 517 crore in corresponding period of the previous year.
While the global premium of the company grew by 15 per cent to touch Rs. 10,255 crore, the domestic premium grew by 16 per cent to reach Rs. 8,337 crore.
G. Srinivasan, Chairman, has stated in a press release that the company had been able to increase its market share during the period.
Accelerated claims settlements and underwriting caution saw the incurred claims of the company coming down to 86 per cent from 89 per cent.
The operating expenses ratio also was marginally lower at 23.65 per cent against 23.82 per cent.
The combined ratio came down to 120 per cent at the end of December 2013, against 122 per cent on December 2012.
Investment income went up by 14 per cent to Rs. 2,344 crore from Rs. 2,055 crore in the year-ago period.
The market value of investments rose to Rs. 37,088 crore from Rs. 35,296 crore.
The net worth of the company rose to Rs. 8,486 crore as on December 203 from Rs. 7,601 crore as on December 2012.
