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New India Assurance Presents Dividend Cheque of Rs 616 crore

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New Delhi: Union Finance and Corporate Affairs Minister Arun Jaitley being presented a dividend cheque by the CMDs (Joint Charge), New India Assurance Company Ltd. Director and General Manager Hemant G. Rokade; Director, General Manager and Financial Advisor C. Narambunathan, in New Delhi on Sept 4, 2018. (Photo: IANS/PIB) by .
Union Finance and Corporate Affairs Minister Arun Jaitley being presented a dividend cheque by the CMDs (Joint Charge), New India Assurance Company Ltd. Director and General Manager Hemant G. Rokade; Director, General Manager and Financial Advisor C. Narambunathan, in New Delhi on Sept 4, 2018. (Photo: IANS/PIB)

New India Assurance, India’s largest non-life insurance company reported profit after tax (PAT) of Rs 617 crore in the third quarter against loss of Rs 24 crore in the year-ago period, on reduction in claims ratio in motor and health segment

New Delhi: Union Finance and Corporate Affairs Minister Arun Jaitley being presented a dividend cheque by the CMDs (Joint Charge), New India Assurance Company Ltd. Director and General Manager Hemant G. Rokade; Director, General Manager and Financial Advisor C. Narambunathan, in New Delhi on Sept 4, 2018. (Photo: IANS/PIB) by .
Union Finance and Corporate Affairs Minister Arun Jaitley being presented a dividend cheque by the CMDs (Joint Charge), New India Assurance Company Ltd. Director and General Manager Hemant G. Rokade; Director, General Manager and Financial Advisor C. Narambunathan, in New Delhi on Sept 4, 2018. (Photo: IANS/PIB)

New India Assurance, India’s largest non-life insurance company presented a cheque of Rs 616 crore to Finance Minister Arun Jaitley.

The minister received the dividend cheque by the CMDs (Joint Charge), New India Assurance Company Ltd. Director and General Manager Hemant G. Rokade; Director, General Manager and Financial Advisor C. Narambunathan.

New India Assurance, India’s largest non-life insurance company reported profit after tax (PAT) of Rs 617 crore in the third quarter against loss of Rs 24 crore in the year-ago period, on reduction in claims ratio in motor and health segment.

Combined ratio dropped to 109.1% compared to 123.9% in the year-ago period. The gross written premium stood at Rs 6,385crore as against Rs 5,213 crore in the year-ago period, up 23%. Senior officials added profit also increased due to the low expense ratio.

Senior officials in the company said that they have exited many loss making portfolios especially in the health and motor segment. Even underwriting losses improved to `464.30 crore as against `1,036.89 crore in the year-ago period. Incurred claim ratio stood at 82.82% as against 95.61% in the year-ago period.