The target for net premium from its overseas operations has been fixed at Rs 291.70 crore for this year against Rs 253.86 crore in 1997-98, which amounted to a net profit of Rs 14.97 crore.

The company also showed a turnaround in its underwriting business by reporting a profit of Rs 57.13 crore against an underwriting loss of Rs 78.95 crore in the previous year. Investment income also went up from Rs 505.75 crore to Rs 573.90 crore, a growth of 14.4 per cent.

According to the company, it has plans to computerise all its operating offices in a phased manner. In the first phase, operating offices in Mumbai will becomputerised, which will then be extended to offices in other parts of India. Once completed, this would enable the company to further deliver efficient customer service in terms of prompt issuance of policy documents and expeditious settlement of claims.

Currently, the documents issuance ratio is 95 per cent, while the claims settlement ratio is 75 per cent. The company had launched 15 new schemes targeted at various sections of the society this year as part of its celebration of India's 50th year of independence.

Meanwhile, New India Assurance has decided to provide coverage under its Group Janata Personal Accident Insurance Policy to the members of Baranagar Co-operative Bank, an urban co-operative bank. The bank has a total membership of 12,900. Each member would be required to pay only Rs 6 by way of annual premium for an assured sum of Rs 25,000. Since more than 80 per cent of the members of the bank live below the poverty line, the insurance coverage under the personal accident policy would come ofgreat help to them, according to the bank chairman Tarun Ghosh.