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Mumbai, Aug. 4

New India Assurance has posted a 103.79 per cent growth 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 due 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 went up at Rs 4,751.76 crore (Rs 4,342.66 crore). It has declared a dividend of 146 per cent. The company plans to venture into different areas of retail especiallypersonal insurance. The company also plans to launch micro insurance product in rural areas in a period of next six months. It is looking at tie-ups with banks and micro finance institutions.

— Our Bureau

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New India Assurance net up 104%

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