New India Assurance has posted an almost 188 percent jump in its second quarter net profit for three months ended September 30, 2017. The state-owned company that listed on the exchanges two days ago posted net profit of Rs 748.27 crore for Q2 FY18 compared to Rs 260.24 crore posted in same quarter last fiscal.
G Srinivasan, chairman and managing director, New India Assurance said that the improvement in profitability was on account of drop in incurred claims loss and improvement in the operating expense ratio. The incurred claims ratio has dropped to 87.45 percent in Q2 compared to 95.88 percent in same quarter last fiscal.
Gross written premiums rose to Rs 6,489.15 crore in Q2 FY18 compared to Rs 5,784.61 crore in same quarter of FY17. Upto the second quarter, the gross written premiums of New India stood at Rs 12,823.49 crore compared to Rs 11,203.62 crore in H1FY17.
The insurer posted an operating profit of Rs 395.88 crore in Q2 compared to a loss of Rs 260.24 crore in same quarter last fiscal.