Natl Insurance Company expects Rs 500 crore net profit this yr

Kolkata, Aug 17(UNI) With Rs 150 crore increase in its investment portfolio, National Insurance Company expects Rs 500 crore net profit this fiscal.

" We have increased our investment portfolio to Rs 1,200 crore this year from last year's Rs 1,050 crore. Our projected net profit during this period is Rs 500 crore," Chairman-cum-Managing Director V Ramasaamy today said.

Addressing a press conference, Mr Ramasaamy said the company, largely concentrating on the retail and health sector, had set a premium income target of Rs 4,600 crore during 2007-08.

During this period, the number of its agents would be increased to 100,000 from the present 86,000 to cope with its activities in the retail and health sectors, he said.

In reply to a question, the CMD said the company was expecting 25 per cent business growth in the health sector and 20 per cent in the automobile sector this year.

As against a loss incurred in 2005-06, National Insurnace posted a net profit of Rs. 418.07 crore in 2006-07 ending March 31, 2007 and its gross premium stood at Rs. 3,827.12 crore as compared to Rs.

3,536.34 crore in the previous year reflecting a growth of 8.22 per cent.

Similarly the net premium grew by 6.42 per cent at Rs. 2,855.36 crore from Rs 2,683 crore.

UNI