Chennai, Nov 14 (IANS): In a dramatic turnaround of fortunes, public sector National Insurance Company Ltd has declared a net profit of Rs 44.82 crore in H1 of the FY24 after declaring a net loss of Rs 1,768.46 crore in the same period last year.

According to National Insurance, it had closed the first half of FY24 with a gross premium income of Rs 8,668.34 crore (against H1FY23's Rs 8,129.74 crore) and a net profit of Rs 44.82 crore (net loss Rs 1,768.46 crore).

During the period under review, National Insurance’s net investment income stood at Rs 1,581.55 crore (Rs 1,277.53 crore).

In the first half of FY24, the company had slashed its underwriting loss to Rs 1,708.94 crore (Rs 2,827.68 crore) though the total claims went up to Rs 6,767.95 crore (Rs 5.913.71 crore).

While the incurred claims ratio at the end of first half went up to 93.28 per cent (91.31 per cent), the combined ratio came down to 121.96 from 143.32.

The insurer’s solvency ratio as on September 30, 2023 stood at 0.89 as against the stipulated 1.50.