New India Assurance posts premium growth of 20%
New Delhi, January 05, 2018: New India Assurance, largest non life insurer in India has posted a growth of 20% in Indian premium for the nine months ending 31st December 2017 to reach Rs.16,800 crores as against Rs. 14,000 crores for the same period last year. The growth in Indian business in the month of December was 26%. The company expects momentum of high growth to continue for quite some time aided by growing non life industry growth due to increasing insurance penetration.
The companyrecently concluded Rs. 3 lakh crore insurance business of Reliance industriesLtd., the largest risk in the country. The company also bagged the Healthinsurance scheme of the State of Rajasthan covering 4 crore people with apremium income of Rs. 1,200 crores. The company continues to be the leader inmost of the segments of Non life insurance driven by huge customer support. Therecent entry into Deccan Aviation insurance who have made a foray into regionalair connectivity has strengthened the hold of the company in the growingAviation sector where most of the Aviation companies are insured by New India.
Speaking onthe development, Mr. G. Srinivasan, Chairman and Managing Director said, ‘'NewIndia is going through a great growth momentum due to the inherent strengths ofthe company and customer confidence. We look forward to taking advantageof huge insurance expansion happening in the county.'
The companyis focusing retail business in a big way and has added 10,000 agents in thecurrent year. About 17,000 agents use digital portals to service customersefficiently. The company is enlarging its low cost micro office model to getinto smaller towns of the country with over 1,400 such offices alreadyoperational across the country. The company is focusing on Digital in abig way, 15% of the business of the company is secured through digital meansthey expects this to grow at a high pace in the coming period. The company hasrecently upgraded its technology to be the leader in this area in the marketwith a focus on product innovation in a big way. New India Assurance hasalready issued cover for three Insolvency professionals providing professionalindemnity cover. The company is also a big player in the cyber insurancesegment providing cover to many major Financial institutions. The company ispoised to make entry into Title insurance segment very shortly with a tailormade cover.
New IndiaAssurance made a profit after Tax of Rs. 1248 crores in the first half of thecurrent financial year, an increase of 161% over the same period previous year.The company is financially very strong with a solvency of 2.24 and a Networthincluding fair value of Rs. 37,000 crores.