New India Assurance Co Ltd has reported a strong 19 per cent growth in its net profit at Rs.311 crore for the first quarter of present fiscal when compared with the net profit of Rs.262 crore in a year-ago period on the back of health premium growth. Global premium of the non-life behemoth rose by 13 per cent to Rs.4,020 crore. Its premium in the domestic market grew by 15 per cent to Rs.3,398 crore from Rs.2,954 crore in a year-ago period.
The incurred claim ratio of the company increased to 87.24 per cent from 80.18 per cent on account of hike in property claims experience, according to G. Srinivasan, Chairman and Managing Director of the company.
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