By Paras Ramoutar, IANS,
Port of Spain : A multi-million-dollar new head office of the New India Assurance will be completed in Trinidad and Tobogo this year, an official from the insurance firm has said.
Aswatha Narayana, chief executive of the New India Assurance (Trinidad and Tobago), said the company recently drew up a new strategic plan 2012 that envisages completing around $33 million in premium and doubling profits by 2015.
Narayana said the company’s 70 percent of business comes from Trinidad and Tobago and the rest from the other islands.
“It has a healthy mix of business of 60 percent motor, 35 percent property and five percent others,” he said.
“The present management has not only rationalised business operations but continued operations in Dominica, St. Lucia, where operations have been on a firm footing.”
Operations in St. Maarten and Anguilla are small and require consolidation. In Trinidad, the operations are run through its head office in Port-of-Spain and branches in San Fernando, Chaguanas and El Dorado, Narayana said.
“As of December 31, 2010, New India’s premium exceeded 100 million Trinidad and Tobago dollars and so is the total equity and they are over 106 million Trinidad and Tobago dollars (nearly $17 million) each. The company registered a record total comprehensive income attributable to shareholders at over $20 million Trinidad and Tobago dollars,” he said.
(Paras Ramoutar can be contacted at [email protected])