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India-based insurer New India Assurance Co. Ltd.'s net profit declined more than 56% year over year to 2.8 billion Indian rupees ($39 million) in the quarter ended June 30, driven by underwriting losses, Moneycontrol reported. Underwriting losses increased by nearly 54% to INR 11 billion. The insurer posted underwriting losses in all business segments including fire, marine, and crop.