Chennai, Jun 7 (IANS): The Mumbai-based New India Assurance Company Ltd on Monday said it closed last fiscal with a net profit of Rs 1,604.69 crore.

In a regulatory filing, New India Assurance said that last fiscal, it had earned net premium of about Rs 26,965.84 crore and a net profit of Rs 1,604.69 crore.

During FY20, the insurer had earned a net premium of Rs 24,487.05 crore and an after tax profit of Rs 1,417.76 crore.

The gross written premium (GWP) for the year under review was at Rs 33,046 crore, an increase of 5.77 over FY20 figures.

New India last year brought down its underwriting loss to Rs 3,696.44 crore from Rs 4,104.76 crore logged during FY20.

During FY21, New India Assurance paid out Rs 18,075.07 crore towards claims down from Rs 18,658.70 crore paid during FY20.

"We could successfully reduce combined ratios significantly from 116.43 per cent to 113.28 per cent. The market share stands increased to 14.33 per cent," Chairman-cum- Managing Director Atul Sahai said.