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Results
12-Aug-21
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Analysis
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New India Assurance Company
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Gross premium collection jumps 16%, high health claims impact profitability
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The New India Assurance Company has
posted sharp 69% dip in the net profit to Rs 98.18 crore in the quarter ended June
2021 (Q1FY2022). Gross Direct Premium increased 16% to Rs 9803.99 crore in Q1FY2022.
The company has posted operating loss
of Rs 166.43 crore in Q1FY2022 as against profit of Rs 215.07 crore in Q1FY2021.
Combined Ratio jumped to 113.6%, while
adjusted combined ratio improved to 101.5% in Q1FY2022. Return on Equity
(annualized) dipped to 2.2% in Q1FY2022. The solvency ratio eased to 2.0x end June
2021.
The book value of the company
including fair value change account stood at Rs 158.7 per share and excluding
fair value change account stood at Rs 120.5 per share end June 2021.
Commenting on the results, Chairman
Cum Managing Director Atul Sahai said: "Q1FY22 has been one of the most
challenging quarters in recent times for the entire general insurance industry
and New India was no different. The 2nd wave of COVID-19 pandemic was at its
peak during this quarter. New India Assurance paid about 1205 crore as COVID-19
related health claims in the quarter. The spurt in Health loss ratio impacted
the overall numbers though it was partially offset by better performance by the
remaining lines. The impact of the pandemic has reduced in the second quarter.
However, the threat of third wave continues to loom large. Adjusted for the
COVID-19 related claims the company has performed well in all operating
parameters. On the business front, the top line growth has been healthy, and
the company continued to gain market share during the period maintaining market
leadership. I would like to appreciate the exemplary effort put in by all the
operating offices to settle the COVID-19 claims quickly and efficiently."
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Statement of Revenue
Accounts: New India Assurance Company
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2106 (3)
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2006 (3)
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Var %
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2103 (12)
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2003 (12)
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Var %
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1. Premiums earned
(Net)
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6815.09
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6062.19
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12
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26376.33
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23662.18
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11
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2. Profit on sale of
Investments (Net)
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908.58
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601.70
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51
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4335.78
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4528.07
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-4
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4. Others
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0.00
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0.00
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-
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73.31
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0.00
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-
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Total (A)
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7723.67
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6663.89
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16
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30785.42
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28190.25
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9
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1. Claims Incurred
(Net)
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6302.16
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3997.13
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58
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22156.76
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21573.92
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3
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2. Commission
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503.31
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629.47
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-20
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2483.86
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2308.28
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8
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3. Operating Expenses
related to Insurance Business
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1084.63
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1822.22
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-40
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5427.23
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3874.10
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40
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4. Premium Deficiency
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0.00
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0.00
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0
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0.00
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0.00
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0
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Total Expenses (B)
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7890.11
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6448.83
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22
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30067.86
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27756.31
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8
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Operating Profit/ Loss
C=(A -B)
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-166.43
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215.06
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PL
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717.57
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433.95
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65
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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-166.43
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215.07
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PL
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717.57
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433.95
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65
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Transfer to Other
Reserves
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0
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0
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0
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0
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Statement of Profit
& Loss Account: New India Assurance Company
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2106 (3)
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2006 (3)
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Var %
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2103 (12)
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2003 (12)
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Var %
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1. Operating
profit/(loss)
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-166.43
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215.07
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PL
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717.57
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433.95
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65
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(a) Fire Insurance
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252.45
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-437.32
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LP
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201.93
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360.78
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-44
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(b) Marine Insurance
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31.99
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29.28
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9
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50.28
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93.96
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-46
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(c) Health
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-1556.28
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108.00
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PL
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-1469.72
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-1506.08
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-
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(d) Crop
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20.76
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-37.61
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LP
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-296.74
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-212.84
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-
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(e) Motor
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785.52
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691.07
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14
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1960.06
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1712.24
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14
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(c) Miscellaneous
Insurance
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299.12
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-138.35
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LP
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271.75
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-14.13
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-LP
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2. Income from
investments
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392.28
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259.35
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51
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1979.35
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2329.02
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-15
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3. Other income
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1.73
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1.70
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2
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29.40
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54.88
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-46
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Total (A)
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227.58
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476.12
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-52
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2726.32
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2817.85
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-3
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4. Provisions (Other
than taxation)
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6.91
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2.52
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174
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128.62
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75.99
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69
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5. Other expenses
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103.67
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109.87
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-6
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537.94
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1082.82
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-50
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Total (B)
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110.58
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112.39
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-2
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666.56
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1158.81
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-42
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Profit before tax
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117.00
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363.73
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-68
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2059.76
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1659.04
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24
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Provision for
taxation:
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16.63
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61.11
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-73
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432.01
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223.37
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93
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PAT
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100.37
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302.62
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-67
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1627.75
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1435.67
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13
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Profit attributable to
non-controlling interest
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4.25
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4.12
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3
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4.74
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4.46
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6
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Share of profit /Loss
from associates
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2.06
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18.93
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-89
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17.46
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11.04
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58
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Net Profit attributable
to owners
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98.18
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317.43
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-69
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1640.47
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1442.25
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14
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EPS (Rs) *
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2.4
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7.7
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9.9
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8.8
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* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore,
Source: Capitaline Corporate
Database
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