New India Assurance today reported a 29 per cent rise in net profit at Rs 1,089 crore for the year to March on the back of improvement in underwritings and claims management.
The largest general insurer's gross underwritten premium increased 14.4 per cent to Rs 14,304 crore in the just ended fiscal from Rs 12,504 crore in FY13.
In the last financial year, the insurer had increased its market share to 15.82 per cent.
"Despite a subdued market environment, we have witnessed sound growth in premium and surpassed the industry growth rate of 12.6 per cent in the last fiscal," New India Assurance Chairman and Managing Director G Srinivasan said here.
While the PSU insurance firm's incurred loss ratio came down to 83.5 per cent from 85.49 per cent a year ago, the combined ratio declined to 117 per cent from 119 per cent in FY 2013.
The company, which had an underwriting loss of Rs 1,900 crore, said it hopes to achieve underwriting break-even in the next three years. In FY 2014, it had an investment income of Rs 3,193 crore as against Rs 2,791 crore in FY13.
Asked about growth expectation in the current financial year, Srinivasan said the general insurer aims to reach a global premium income of Rs 16,500 crore in FY15.
"We will come up with a slew of product launches in health and other retail segments," he said, adding segments like engineering and fire will do well if economy recovers.