Public sector general insurance company New India Assurance has achieved Rs 10,000 crore premium collection mark for FY12 on the back of strong growth in motor and health insurance verticals, a top company official said.
“We have reached Rs 10,000 crore premium collection in the last fiscal year on the back of sound growth in both domestic and international business,” the official told PTI on the condition of anonymity.
As per the Insurance Regulatory and Development Authority, New India Assurance had collected Rs 6,367.33 crore in premium amount for the period April 2010 – February 2011, which was 17.2% growth over its business of Rs 5,431.9 crore over the corresponding period of the previous fiscal.
Referring to the growth in various verticals, the official said motor and health insurance segment contributed significant part of the total premium collected during the last fiscal.
“Though all the verticals witnessed good growth, majority of the premium collection came from motor and health segments,” he said.
The official further said growth prospects look better in the current fiscal due to uptick in economic activity.
“We are hopeful of maintaining the present growth momentum in the current fiscal as the economic outlook looks better during this year,” he said.
Also, the expected rise in risk premium is likely to benefit the company in FY13 as per industry experts.
The Mumbai-headquartered general insurer has a network of 1,068 offices, comprising 28 regional offices, 393 divisional offices and 648 branches. The company also has around 23 overseas branches across Asia, Africa, and Australia among others.
