Earnings Review
New India Assurance PAT at INR 710 mln vs net loss yr ago
This story was originally published at 22:51 IST on 30 October 2024
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--New India Assurance Jul-Sept PAT INR 710 mln vs INR 2 bln net loss yr ago
--New India Assurance Jul-Sept total income INR 100.90 bln vs INR 98.39 bln
--New India Assurance Apr-Sept net profit INR 2.88 bln vs INR 602.4 mln
--New India Assurance Apr-Sept total income INR 199.07 bln vs INR 191.14 bln
By Ashna Mariam George
MUMBAI – The New India Assurance Co. Ltd.'s net profit for the quarter ended September rose to INR 710 million, against a net loss of INR 2 billion a year ago, due to a marginal increase in total income. However, on a sequential basis, the insurer's net profit fell over 67%.
The New India Assurance Co's total income for the quarter ended September, increased by 2.6% to INR 100.90 billion. On the business front, the net premium earned for the reporting quarter was INR 85.25 billion, higher than INR 82.06 billion a year ago. Gross premium written was at INR 96.20 billion, against INR 93.97 billion a year ago. However, the company's net premium written and gross premiums written fell sequentially by nearly 16% and 18%, respectively, affecting the company's bottom line.
For the half year ended September, the company's net profit was INR 2.88 billion and the total income was INR 199.07 billion.
The company's total expense for the quarter under review fell marginally on year to INR 105.77 billion. On a sequential basis, the expenses were up nearly 5%. Net commissions for the insurer increased 3.6% on year to INR 8.47 billion. The company's operating expense related to insurance business fell 7.8% on year and 5.6% on quarter to INR 10.47 billion.
The incurred claims paid by the insurance company rose marginally to INR 77.93 billion from INR 76.93 billion in the corresponding quarter a year ago. The incurred claims ratio decreased to 101.84% from 105.71% reported a year ago.
The company reported an underwriting loss of INR 20.51 billion against INR 24.22 billion a year ago. Consequently, the combined ratio for the insurance company was 125.32% lower than 130.45% a year ago. The company's solvency ratio as on Sept. 30 was 1.81 times compared with 1.70 times a year ago.
The company announced its results post market hours on Wednesday. On the National Stock Exchange, shares of the insurance company ended 1.8% higher at INR 200.07 Wednesday. End
Edited by Manisha Baxla
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