New India Assurance Swings to Profit in Q2 2024

New India Assurance reported a net profit of Rs 71 crore for Q2 2024, contrasting a loss of Rs 200 crore in the same period last year. The company's income rose to Rs 10,090 crore, while gross premiums increased to Rs 9,620 crore. Expenditure fell to Rs 10,577 crore.

New India Assurance has posted a net profit of Rs 71 crore for the second quarter of 2024, marking a significant recovery from a Rs 200 crore net loss recorded in the same quarter of the previous year.

The Mumbai-based state-owned insurer saw its total income rise to Rs 10,090 crore, up from Rs 9,839 crore in the year-ago period, according to a regulatory filing released Wednesday.

The insurer's gross premium collection increased to Rs 9,620 crore from Rs 9,397 crore, while net premium collection rose to Rs 8,067 crore. Notably, the company's total expenditure decreased to Rs 10,577 crore, down from Rs 10,628 crore last year.

(With inputs from agencies.)