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 crore against Rs 14,000 crore 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 company recently concluded Rs 3 lakh crore insurance business of Reliance industries Ltd., the largest risk in the country. The company also bagged the health insurance scheme of the Rajasthan covering 4 crore people with a premium income of Rs. 1,200 crore. The company continues to be the leader in most of the segments of Non life insurance driven by huge customer support. The recent entry into Deccan Aviation insurance who have made a foray into regional air connectivity has strengthened the hold of the company in the growing Aviation sector where most of the aviation companies are insured by New India.
Speaking on the development, G Srinivasan, Chairman and Managing Director said, ‘’New India is going through a great growth momentum due to the inherent strengths of the company and customer confidence. We look forward to taking advantage of huge insurance expansion happening in the county.”
The company is focusing retail business in a big way and has added 10,000 agents in the current year. About 17,000 agents use digital portals to service customers efficiently. The company is enlarging its low cost micro office model to get into smaller towns of the country with over 1,400 such offices already operational across the country. The company is focusing on digital in a big way, 15 per cent of the business of the company is secured through digital means they expects this to grow at a high pace in the coming period.
The company has recently upgraded its technology to be the leader in this area in the market with a focus on product innovation in a big way. New India Assurance has already issued cover for three Insolvency professionals providing professional indemnity cover. The company is also a big player in the cyber insurance segment providing cover to many major Financial institutions. The company is poised to make entry into Title insurance segment very shortly with a tailor made cover.
New India Assurance made a profit after tax of Rs 1,248 crore in the first half of the current 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 net worth, including fair value of Rs 37,000 crore.