New India Assurance on Wednesday reported a 36% rise in its net profit for April-December of at R701 crore on account of growth in investment income. The state-run insurer’s net profit in the corresponding period last year stood at R 517 crore.
“Investment income has gone up and a large part of the increase comes from fixed investment income, which is interest dividend, because of the funds we have built up from premium income,” said CMD G Srinivasan on Wednesday.
Investment income rose 14% to R2,344 crore as against R2,055 crore for the same period last year. The market value of the investments rose to R37,088 crore from R35,296 crore for the same period last year.