Tata AIG General Insurance posts Rs 11.5-cr profit

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

The company's direct premium income grew 34 per cent whereas the net earned premium grew 23 per cent 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.