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New India Assurance reports 15.4% growth in gross written premium and PAT of 715 Cr for Q3FY24

Posted On: 2024-02-09 23:42:36 (Time Zone: IST)

Commenting on the results, Ms Neerja Kapur, Chairperson & Managing Director said, "FY24 continues to be a challenging year for the company. In the third quarter, the country witnessed catastrophic events like cyclone Michaung and floods in South India, Sikkim Sr West Bengal. The net impact of these events on the company's third-quarter results was about 358 Cr. This is in addition to the 301 Cr of catastrophe claims that adversely impacted the results in the first half. The motor OD loss ratio improved while the third-party segment loss ratio was higher as premiums were largely unchanged in this segment. The health segment loss ratio is improving due to the price corrections undertaken in the retail segment and more prudent underwriting in the group segment although it has impacted the topline growth.

Considering this backdrop, the reported results have been excellent. The Gross Written Premium grew by 15.4% compared to the same quarter last year and 10.5% in the nine months compared to the previous year. The profit after tax for the quarter was 715 Cr compared to a loss of 200 Cr in the second quarter. The profit after tax for the first nine months was 775 Cr compared to 900 Cr for the same period the previous year. The investment environment has been buoyant, and the company's net worth including fair value change account increased from 37,957 Cr in March 2023 to 44,690 Cr in Dec 2023. The solvency ratio remains healthy at 1.72. The Indian general insurance industry has a long runway for growth, and the company will continue its strategy to pursue growth with profitability.

Shares of The New India Assurance Company Limited was last trading in BSE at Rs. 290.95 as compared to the previous close of Rs. 304.90. The total number of shares traded during the day was 1044122 in over 19395 trades.

The stock hit an intraday high of Rs. 324.00 and intraday low of 282.20. The net turnover during the day was Rs. 310412728.00.

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