The strong numbers came despite an increase in underwriting losses. The company had registered a profit after tax of Rs 1,089 crore in the previous fiscal.

"We were able to increase our net by 31 percent for the year gone by over the previous fiscal due to higher investment income and increase in number of policies, which helped us maintain our management expenses ratio at almost the same level compared with the year-ago period," New India Assurance Chairman and Managing Director G Srinivasan told reporters here on Thursday while announcing the financial results.

New India's global business grew 12.20 percent to Rs 16,050 crore while its domestic business went up 14.46 percent to Rs 13,209 crore.

The company's underwriting losses for the reporting year stood at Rs 2,200 crore as against Rs 2,000 crore in the year-ago period.

New India Assurance issued 2.44 crore policies during the year, an increase of 12 percent over the previous fiscal.

Its investment income came in at Rs 3,820 crore as against Rs 3,193 crore during the previous year.

Latest News  from Business News Desk