Since its incorporation in the year 1906, National Insurance Company has been carrying out general insurance business under private management until 1972, the year of its nationalisation. In the same year, 22 foreign and 11 Indian Insurance Companies were amalgamated with National Insurance Company Limited, as a subsidiary company of General Insurance Corporation of India. Later on in 2002, with the passage of Insurance amendment Bill (2002), National Insurance Company has been delinked from GIC and has been functioning as an independent company.
Besides a suit of readymade products, designed to cater to the average insurance requirements of all sections of people in India, they also provide customised and innovative insurance solutions. Apart from domestic insurance business the company also undertakes reinsurance and foreign operations.
| NIC's progress at a glance:(Rs. in Crores) |
| |
1999-00 |
2000-01 |
| (A) GROSS DIRECT .......PREMIUM INCOME |
2042.11 (10.17%) |
2227.73 (9.09%) |
| Net Premium Income |
1614.72 (10.1%) |
1804.55 (11.8%) |
| Net Incurred Claim (% to Net Premium) |
1302.74 (80.7%) |
1461.63 (81.0%) |
| Commission, Exp of Management |
471.94 |
490.48 |
| Increase in reserve for unexpired risks (%of Net Premium) |
72.4 (4.5%) |
99.84 (5.5%) |
| Underwriting Profit/loss (% to Net Premium) |
-231.91 (-14.4%) |
-245.37 (-13.6%) |
| Investment,Dividend,Rent Income |
340.2 |
381.77 |
| PBT |
100.45 |
89.37 |
| TAX |
3.92 |
2.60 |
| PAT |
96.53 |
86.77 |
|
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