Now, New India Assurance chases profitability, set to raise group health premiums

The New India Assurance Company may increase premiums in group health insurance in order to reduce its loss ratios in this segment, said G Srinivasan, chairman and managing director.

The company, which is the largest public sector general insurance company, is focusing on claims management and looking to improve claim ratio by appointing more doctors and scaling up its in-house Third Party Administrator (TPA). “We are focused on profitability by improving underwriting and claims management,’’ he said.

It had already raised premuims in its individual and floater health insurance schemes between 10 and 40%, during the just ended financial year.

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For the year ended March 31, 2018 the company brought down its loss ratio in the health insurance segment to 103% from 115% in the previous year. The loss ratio in the group health segment also reduced to 110% from 125%.

The company posted profit after tax of Rs 2,201 crore, as compared to Rs 1,008 crore. The company declared a bonus of 1:1 and dividend of Rs 5 per share.