Tata AIG posts 17.3% rise in premium collection to Rs 1,277 cr
Mumbai: Tata AIG posted a 17.3 percent rise in premium collection to Rs 1,277 crore in the first half of the current financial year, the company said.
Gross written premium (GWP) of the general insurer stood at Rs 1,094 crore in the same period of previous fiscal.
According to the company, its underwriting profit was at Rs 19 crore during this period as against Rs 5 crore reported in the same period of last fiscal.
While Tata AIG's combined ratio was at 97 percent, the profit before tax stood at Rs 153.29 crore during the first half of this fiscal.
"Though this has been a challenging half year, Tata AIG will keep up its growth momentum without compromising on its underwriting standards. We believe that it is our underwriting practices which ensure a healthy bottom line for the company," Chief Executive Officer of Tata AIG, Kaushal K Mishra said.
Tata AIG General Insurance is a joint venture between Tata Group and American International Group (AIG), in which Tata holds majority stake.