National Insurance Co Ltd (NIC) has recorded a premium income of Rs.3, 810.65 crore. Of this, Rs.3, 799.91 crore pertains to premium earned in India.

It retained the second position in the country’s general insurance industry after New India Assurance Company, registering a growth of 12.08 per cent — the highest among public sector insurance companies.

The profit before tax of the company for 2004-05 was Rs.141.21 crore compared with Rs.73.01 crore in the previous fiscal. The claim disposal and policy issuance ratios have also increased from 68.02 per cent to 70 per cent and 99.23 per cent to 99.56 per cent respectively.

The investment income has also increased to Rs.685.17 crore from Rs.662.69 crore during 2004-05 with an investment portfolio of Rs.4, 399.32 crore in India, registering an increase of around Rs.587 crore over last fiscal.

The company’s accumulated net worth has increased to Rs.1, 214.83 crore from Rs.1, 113.76 crore in 2003-04. The total assets of the company have also increased by Rs.1, 353.61 crore and amounted to Rs.10, 270.95 crore.

The company is in the process of restructuring the composition of the underwriting portfolio. The levels and degrees of the company’s exposure to different risk groups are being suitably readjusted to strengthen the bottom line in the current fiscal.

Besides this, the company is working out an appropriate scheme for extending medical insurance to the account holders of various banks with whom the company has tie-up arrangements.

The company has strategic tie-ups with four-wheeler and two-wheeler manufacturers, bancassurance and channel partners. The company was able to garner a premium of Rs.583 crore from such strategic tie-ups during the year.

( www.telegraphindia.com)