Kolkata Jan 21 PTI Net profit of MFI-turned-private lender Bandhan Bank increased 358 per cent at Rs 8589 crore during the third quarter of current fiscal registering a rise from Rs 6326 crore in the similar previous period MD and CEO of Bandhan Bank Chandra Sekhar Ghosh told reporters on the virtual mode on Friday that the quarter ending December has been a good one for the bank and growth has bounced back after the depressing first quarter of current fiscal In the second quarter of the current fiscal the bank reported a loss of Rs 3009 crore due to higher provisioning Ghosh said that collection efficiency CE numbers have grown on the whole which stood at 93 per cent at during Q3 While the CE in West Bengal is 97 per cent it is 96 per cent in Assam he said According to him the net interest margin NIM of the bank stood at 78 per cent while gross and net NPAs have both fallen The capital adequacy ratio at the end of December quarter stood at 20 per cent while provisioning coverage ratio was at 744 per cent During the quarter the bank had collected Rs 2500 crore from restructured loans Stress in the system is going down which will lead to improved GNPA levels he said The share of microfinance loans to overall portfolio during the period stood at 52 per cent Ghosh said that the bank is on track to reduce the share to 50 per cent by the end of the financial year Total business of the bank at the end of the quarter stood at Rs 172000 crore PTI dc KK KK KK

New Delhi Dec 22 PTI Net incurred claims of standalone health insurers rose by 534 per cent in the COVID-hit 2020-21 compared to 3547 per cent increase in the preceding year showed the Annual Report of Insurance Regulatory and Development Authority Irdai on Wednesday The incurred claims of the overall general insurers too grew at a lower rate of 292 per cent compared to 726 per cent during financial year 2019-20 In actual terms net incurred claims of stand-alone health insurers were Rs 677909 crore during 2020-21 This compared with Rs 643543 crore during 2019-20 As per the Annual Report 2020-21 the net incurred claims of the general insurers stood at Rs 112 lakh crore in 2020-21 as against Rs 108 lakh crore in 2019-20 The incurred claims exhibited an increase of 292 per cent during 2020-21 The private sector general insurers stand-alone health insurers and specialised insurers reported increase of 240 per cent 534 per cent and 13243 per cent respectively over the previous year while the PSU general insurers reported a decrease in the incurred claims at 401 per cent Among the various segments health segment had the highest claims ratio at 8951 per cent during 2020-21 as against a claim ratio of 8570 per cent of previous year the report said It further said the new policies issued by stand-alone health insurers at 10541 lakh an increase of 1434 per cent over 2019-20 The growth in issuance of new policies by them was 1663 per cent The report further said the life insurance industry paid benefits of Rs 399 lakh crore in 2020-21 Rs 351 lakh crore in 2019-20 constituted 6342 per cent of the gross premium underwritten 6135 per cent in 2019-20 LIC paid benefits of Rs 286 lakh On death claims Irdai report said in case of individual life insurance business during 2020-21 out of the total 1101 lakh claims the life insurers paid 1084 lakh claims with a total benefit amount of Rs 26422 crore The claims pending at the end of the year were 3055 for Rs 623 crore During 2020-21 life insurers issued 28127 lakh new policies under individual business out of which LIC issued 20975 lakh policies 7457 per cent and the private life insurers issued 7152 lakh policies 2543 per cent The private sector insurers registered a growth of 289 per cent in the number of new policies issued against their previous year LIC and the industry have shown a decline PTI NKD CS MR