Tata AIG General Ins posts 11.5-cr profit

Tata AIG General Ins posts 11.5-cr profit

Mumbai: Tata AIG General Insurance Company (Tata AIG) has reported a profit after tax of 11.5-crore for the half-year ended 30 September, 2010, as against a loss of 7.2-crore for the same period in the previous year.

The rise in profit was on account of increase in gross direct premium and net earned premium witnessed by the company, a press release issued here on Tuesday stated.

The company’s direct premium income grew 34% whereas the net earned premium grew 23% over the previous year.

This growth in profit was also supported by the reduction in loss ratio by 9 percentage points over the last year and reduction in Expenses of Management (including commission paid) as percentage of Gross Direct Premium by 4 percentage points over last year, the release said.