New India Assurance eyes Rs 15,000 crore premium income

KOLKATA: Leading PSU general insurer New India Assurance has set a collection target of Rs 15,000 crore as total premium income during the current financial year.

"Last year, the company earned Rs 12,500 crore as total premium income, out of which Rs 10,000 crore was from India. This fiscal, we are targetting a total premium income of Rs 15,000 crore", New India Assurance CMD G Srinivasan said.

Srinivasan said that during the first half of the current financial year, total premium income rose by 12.5 per cent at Rs 6,906 crore.

Net profit during the first half was Rs 644 crore, he said. During the same period last fiscal, the net profit was Rs 205 crore.

Srinivasan said that the huge rise in net profit during the current first half was due to drop in claims ratio, drop in management expenses and rise in investment income.

He said that the company would deploy a large pool of agents to tap the retail market.