Millennium Post

New India Assurance Q1 profit jumps 27% to Rs 635cr

New Delhi: The New India Assurance Company Ltd today reported 27 per cent rise in net profit to Rs 635 crore for the first quarter ended June of the current fiscal.

The state-owned non life insurer had registered a net profit of Rs 499 crore in the April-June period of last fiscal.

Its total income for the quarter under review rose to Rs 6,107.62 crore, as against Rs 5,572.35 crore, New India Assurance said in a regulatory filing.

The company said in a regulatory filing that its Indian gross direct premium during the first quarter of 2018-19 grew by 12.6 per cent from the year-ago period to Rs 6,053 crore.

The global gross written premium was up 9.9 per cent at Rs 6,961 crore. The Mumbai-headquartered insurer has presence across 28 countries.

It said it issued bonus shares in the ratio of 1:1 during June quarter of 2018-19.

"The company has improved its operating performance during the first quarter. Profit after tax for the first quarter has increased by 27 per cent. The company expects to improve the operating performance in the coming periods also," said G Srinivasan, Chairman Cum Managing Director of the company.

The ROE has been healthy at 16.1 per cent, it said.

The company stock was trading 5.95 per cent higher at Rs 294 on BSE.

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