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Results
12-Aug-23
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Analysis
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New India Assurance Company
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Gross premium collection rises 10%, combined ratio at 115.35% in Q1FY24
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The New
India Assurance Company has posted 94% jump in the net profit to Rs 260.24 crore
in the quarter ended June 2023 (Q1FY2024) against net profit of Rs 133.87 crore
in Q1FY2023. Gross Direct Premium increased 10% to Rs 11493.31 crore in Q1FY2024.
The company has posted operating loss
of Rs 111.53 crore in Q1FY2024 as against operating loss of Rs 120.76 crore in Q1FY2023.
The segments such as fire, marine, crop, motor, marine and miscellaneous have
posted operating profit, but health segment have recorded operating losses in
Q1FY2024.
PBT has increased 97% to Rs 317.81
crore in Q1FY2024 from Rs 160.94 crore in Q1FY2023. The provisions for tax were
at Rs 52.14 crore against Rs 30.58 crore in Q1FY2023. There was loss attributable
to non-controlling interest of Rs 0.95 crore and loss from associate was at Rs 4.48
crore. The net profit increased 94% to Rs 260.24 crore in Q1FY2024.
Combined Ratio rose on yoy basis to 115.35%
in Q1FY2024 from 112.73% in Q1FY2023.
The solvency ratio declined on
sequential basis to 1.85% end June 2023.
Book
value
of the company including fair value change account stood at Rs 167.0 per share
and excluding fair value change account stood at Rs 129.5 per share end June
2023.
Commenting on the results Neerja Kapur, Chairman cum
Managing Director said " The company has delivered good results for
Q1FY24. The Gross Written Premium increased by 9.8% compared to the same
quarter last year. The Company continues to focus on improving the business mix
by shedding businesses where premiums are inadequate and may impact its bottom
line. The company maintained its market leadership in India with a market share
of 16.2%.
The premium growth was driven by the Motor line of business
which grew by 21.8%. After several years of muted growth, it is heartening to
see the segment reporting a healthy premium growth. The combined ratio for the
quarter improved to 115.5% compared to 117.2% for the year ended March 2023.
The Profit After Tax more than doubled to Rs 260 crore versus Rs 119 crore fir
the same quarter last year registering a growth of 118.5%. The solvency ratio
remained healthy at 1.85x. The net worth was 41,255 crore and the investment
assets were Rs 90152 crore end June 2023.
The underwriting results for the quarter were adversely
impacted due to higher claim ratio in the foreign operations. The loss ratios
in the domestic health and motor lines of business also remain elevated, but we
are confident that the corrective steps being taken currently will reflect in
the results in the ensuing periods."
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Consolidated Statement
of Revenue Accounts: New India Assurance
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2306 (3)
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2206 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Premiums earned
(Net)
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7971.44
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7229.53
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10
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30424.95
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29064.70
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5
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2. Profit on sale of
Investments (Net)
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1360.79
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965.26
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41
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7493.23
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4693.94
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60
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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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0.00
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0.00
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-
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Total (A)
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9332.23
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8194.79
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14
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37918.18
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33758.64
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12
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1. Claims Incurred
(Net)
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7649.88
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6775.03
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13
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29010.38
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28832.00
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1
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2. Commission
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698.28
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530.46
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32
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2439.89
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2313.02
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5
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3. Operating Expenses
related to Insurance Business
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1095.60
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1010.06
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8
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4364.55
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4069.87
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7
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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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9443.77
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8315.56
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14
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35814.83
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35214.90
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2
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Operating Profit/ Loss
C=(A -B)
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-111.53
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-120.76
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-8
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2103.37
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-1456.25
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LP
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(a) Fire Insurance
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359.60
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204.40
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76
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1054.93
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517.40
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104
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(b) Marine Insurance
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10.46
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-31.73
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LP
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154.98
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48.09
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222
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(c) Health
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-805.52
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-607.43
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33
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-2252.21
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-4855.72
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-
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(d) Crop
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3.88
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-11.10
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LP
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-178.02
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214.29
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PL
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(e) Motor
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196.07
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214.58
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-9
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2518.48
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1776.61
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42
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(f) Miscellaneous
Insurance
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123.97
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110.52
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12
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805.21
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843.07
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-4
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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-111.53
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-120.76
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-8
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2103.37
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-1456.25
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LP
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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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Consolidated Statement
of Profit & Loss Account: New India Assurance
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2306 (3)
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2206 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Transfer from
policyholders fund
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-111.53
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-120.76
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-8
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2103.37
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-1456.25
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LP
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2. Income from
investments
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567.81
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399.73
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42
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3006.63
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2012.09
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49
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3. Other income
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-25.11
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2.88
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PL
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65.16
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94.98
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-31
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Total (A)
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431.17
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281.85
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53
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5175.16
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650.82
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695
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4. Provisions (Other
than taxation)
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12.90
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16.65
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-23
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32.76
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21.13
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55
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5. Other expenses
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100.46
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104.26
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-4
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3885.94
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452.08
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760
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Total (B)
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113.36
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120.91
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-6
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3918.70
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473.21
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728
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Profit before tax
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317.81
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160.94
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97
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1256.46
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177.61
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607
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Provision for
taxation:
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52.14
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30.58
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71
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195.16
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-0.31
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PL
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PAT
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265.67
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130.36
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104
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1061.30
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177.92
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497
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Profit attributable to
non-controlling interest
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0.95
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3.26
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-71
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1.96
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3.86
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-49
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Share of profit /Loss
from associates
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-4.48
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6.77
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PL
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-11.33
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20.51
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PL
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Net Profit
attributable to owners
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260.24
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133.87
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94
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1048.01
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194.57
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439
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EPS (Rs) *
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6.3
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3.2
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6.4
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1.2
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* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore, PL: Profit to Loss,
LP: Loss to Profit
Source: Capitaline
Corporate Database
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Previous News |
New India Assurance Company consolidated net profit rises 36.35% in the June 2022 quarter
(
Results
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Announcements
11-Aug-22
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(
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(
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(
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(
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(
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Board of New India Assurance Company recommends final dividend
(
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24-May-22
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New India Assurance Company announces cessation of director
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