IRDAI, in its series of reforms, has reduced the solvency margin requiremen...
According to the data revealed; public sector general insurance companies New India Assurance, United India Insurance and Oriental Insurance Companies posted a profit after tax of Rs. 843.60 crores, Rs. 527 crores and Rs. 794.70 crores respectively. This rise in profit is mainly on account of growth in premium income and reduction in expenses.
In addition to the above, underwriting beating of these companies have dipped drastically on account of dismantle of the third party motor pool for commercial vehicles and replaced by declined risk pool effective April 01, 2012.
Profit of New India Assurance Company surged by giant 370% for the year ending March 2013 as compared to the previous year ending March 2012. Premium amount collected for the year also amounted to Rs. 10,038 crores i.e 18% growth in premium amount. Premium amount from foreign operation also grew by 17.60% to Rs. 2,467 crores.
Mr. Milind Kharat, Chairman and Managing Director of United India Insurance Company said that on account of reduction in underwriting losses, the profit after tax of the company has increased by 36% to Rs. 527 crores as against the profit of Rs. 387 crores for the corresponding period previous year. He also added that the premium amount went up by 13% to Rs. 9,266 crores.
In the same way Oriental Insurance Company also saw 100% rise in profit for the year ending March 2013. The profit after tax touched to Rs. 794.70 crores.