New India swings to Q3 net of Rs 483 crore

BENGALURU: Public sector insurer New India Assurance (NIA) swung to a third-quarter profit of Rs 483 crore from a loss of Rs 114 crore in the year-ago quarter, supported by investment income and reduced underwriting losses.

NIA’s gross premium increased a modest 3% year-on-year to Rs 6,989 crore. Health insurance grew 19% to Rs 2,150 crore, while motor insurance increased 5% to Rs 2,587 crore. However, this was offset by a dip in crop insurance premium to Rs 14.7 crore from Rs 113.3 crore.

Profits came from investment income which grew 72% to Rs 1,476 crore, pushing total income up 20% to Rs 7,620 crore.

Source: The Times of India