National Insurance Company aims for Rs 100-200 cr profit in FY25
Public sector general insurer National Insurance Company Ltd (NIC) is aiming at a return to profit in the current 2024-25 fiscal, after incurring losses for nearly a decade, an official said on Saturday.
The company is expecting Rs 100-200 crore profit this year, NIC Executive Director T Babu Paul said.
The Kolkata-based insurer noted that a single-digit revision in policy tariffs is expected as medical treatment costs have increased, he said.
"We were able to narrow down the loss to Rs 187 crore in FY'24 (2023-24) from a whopping Rs 3,865 crore loss in the previous year. We expect to post a net profit of Rs 100-200 crore, provided no catastrophe hits us in the remaining quarters," Paul said on the sidelines of the 6th edition of the Insurance Leader Meet & Excellence Awards organised by Assocham.
He mentioned that the company's ability to reduce loss-making insurance products and implement other cost-saving measures has set the public sector insurer on a path to turnaround.
"We .
GICRE
TTL
Healthcare
Insurance
Steel
Economy
Markets