Review Meet
Banking secy asks PSU general insurers to cut losses, improve profitability
This story was originally published at 20:02 IST on 26 November 2024
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NEW DELHI – Department of Financial Services Secretary M. Nagaraju has asked state-owned general insurance companies to focus on lowering losses and improving profitability, the finance ministry's department said in a post on social media platform X Tuesday.
At a review meeting with the companies, Nagaraju also emphasised the need for adoption of digital solutions and product innovation, the department said.
Among listed public-sector general insurance companies, New India Assurance Co. Ltd. reported a net profit of INR 710 million for the September quarter, against a net loss of INR 2 billion a year ago. General Insurance Corp. of India's net profit for Jul-Sept rose 15.9% on year to INR 18.61 billion. End
Reported by Shubham Rana
Edited by Rajeev Pai
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