National Insurance Seeks Govt Approval For IPO

National Insurance Company, the State-run general insurance company, has approached the government to list its company on the bourses. The company cleared up its balance sheet, improving the solvency margin from 1.26 to 1.90 in 2016.

The dilution of up to 25% equity stake in five companies in tranches was approved by the government earlier in 2017. General Insurance Corporation and New India Assurance have appointed bankers for the proposed issue.

The company in 2016-17 has reported Rs 49 crore net profit before tax as compared to Rs 150 crore in 2015-16. The profits have been lower as it made provisions towards reserve requirement of incurred but not reported third party motor portfolio.

The net worth of the company has improved from Rs 8,764 crore to Rs 9,544 crore. It grew the premium income by 18.8% to Rs 14,282 crore at the end of the financial year 2016-17.

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