New India Assurance Reports 104% Rise In Net Profit

Mumbai: New India Assurance has reported a 103.79 per cent rise in net profit at Rs 1,459.95 crore for the year ended March 31, 2007 compared withRs 716.38 crore in the previous year. This rise in net profit has been attributed to reduction in underwriting and increase in investment income. The underwriting results of the company has shown a loss of Rs 653.27 crore during the year against Rs 1,199.32 crore before adjusting the policyholders'' share of investment income. The investment income has gone up by 11.93 per cent to Rs 2251 crore (Rs 2,011 crore). The company''s global net premium rose at Rs 4,751.76 crore (Rs 4,342.66 crore). It has declared a dividend of 146 per cent.