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The income from operation of New
India Assurance Company increased 3.91% to Rs 8567.3 crore in Q2FY2025. Other
expenditure as a percentage of total income moved down to 89.99% from 91.97% in
Q2FY2025. The staff cost as a percentage of total income declined to 8.27% from
10.88% in Q2FY2025. The provisions as percentage of total income declined to
0.10% from 0.14% in Q2FY2025.
Other income declined 85.27% to
Rs 0.66 crore. Interest cost remained nil. PBT reported profit of Rs 140.75
crore compared to loss of Rs 241.99 crore.
The effective tax rate increased
to 47.74% in Q2FY2025 compared to 19.29% in Q2FY2024. Provision for tax was
debit of Rs 67.19 crore, compared to credit of Rs 46.67 crore.
There was profit attributable to
non-controlling interest of Rs 0.92 crore as compared to Rs 0.78 crore. The
share of profit of associate companies decreased 14.57% to Rs 17.06 crore. Net
profit attributable to owners reported profit of Rs 89.70 crore compared to
loss of Rs 89.70 crore.
Commenting on the results,
CMD Girija Subramanian said, "While the premium growth in the first half
has been muted, it was a conscious decision to focus on lines with better
profitability which led to the company letting go of a few large renewals where
premiums were inadequate. It gives me immense satisfacti7 that the operating
metrics have improved, with loss ratio as well as combined ratio being lower than
the same period last year with profit after tax showing a 5x increase. The loss
ratio of Health line of business has witnessed some improvement but the loss ratio
in Motor line of business increased due to lack of price increase in the Motor
Third Party line of business. Net catastrophic losses in H1FY25 was Rs 248 crore.
Solvency ratio at 1.81 times remains comfortably above the IRDAI mandated
control level solvency margin. The competitive intensity in traditional lines
remain high and the company will focus on other segments and channels to drive
growth. The company expects t1-1 profitability trend to improve in the coming
quarters."
Financial Performance H1FY2025
The income from operation of New
India Assurance Company increased 5.54% to Rs 17114.66 crore in Q2FY2025. Overall
OPM has increased to 2.37% in Q2FY2025 from 0.59% in Q2FY2024, leading to
320.88% rise in operating profit to Rs 405.94 crore. Other expenditure as a
percentage of total income moved down to 88.42% from 88.77% in Q2FY2025. The
staff cost as a percentage of total income declined to 9.08% from 10.48% in Q2FY2025.
The provisions as percentage of total income declined to 0.13% from 0.15% in
Q2FY2025.
Other income was credit of Rs
6.93 crore compared to debit of Rs 20.64 crore. Interest cost remained nil. PBT
moved up 444.61% to Rs 412.87 crore.
The effective tax rate increased
to 25.79% in Q2FY2025 compared to 7.22% in Q2FY2024. Provision for tax was
expense of Rs 106.49 crore, compared to Rs 5.47 crore. Profit after tax rose
335.57% to Rs 306.38 crore.
There was profit attributable to
non-controlling interest of Rs 4.49 crore in Q2FY2025 as compared to Rs 1.73
crore in Q2FY2024. The share of profit of associate companies increased 75.21%
to Rs 27.14 crore. Finally, Net profit attributable to owners rose 291.24% yoy
to Rs 329.03 crore in Q2FY2025.
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New India Assurance
Company : Consolidated Results
|
|
|
2409 (3)
|
2309 (3)
|
Var %
|
2409 (6)
|
2309 (6)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Income from Operations
|
8567.3
|
8245.13
|
4
|
17114.66
|
16216.57
|
6
|
34186.61
|
30424.95
|
12
|
|
OPM (%)
|
1.64
|
-2.99
|
|
2.37
|
0.59
|
|
4.09
|
3.92
|
|
|
OP
|
140.09
|
-246.47
|
LP
|
405.94
|
96.45
|
321
|
1397
|
1191.3
|
17
|
|
Other Inc.
|
0.66
|
4.48
|
-85
|
6.93
|
-20.64
|
LP
|
15.11
|
65.16
|
-77
|
|
PBDIT
|
140.75
|
-241.99
|
LP
|
412.87
|
75.81
|
445
|
1412.11
|
1256.46
|
12
|
|
Interest
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBDT
|
140.75
|
-241.99
|
LP
|
412.87
|
75.81
|
445
|
1412.11
|
1256.46
|
12
|
|
Depreciation
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
140.75
|
-241.99
|
LP
|
412.87
|
75.81
|
445
|
1412.11
|
1256.46
|
12
|
|
EO
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
140.75
|
-241.99
|
LP
|
412.87
|
75.81
|
445
|
1412.11
|
1256.46
|
12
|
|
Tax Expenses
|
67.19
|
-46.67
|
PL
|
106.49
|
5.47
|
1847
|
320.99
|
195.16
|
64
|
|
PAT
|
73.56
|
-195.32
|
LP
|
306.38
|
70.34
|
336
|
1091.12
|
1061.3
|
3
|
|
Profit attributable to
non-controlling interest
|
0.92
|
0.78
|
18
|
4.49
|
1.73
|
160
|
3.95
|
1.96
|
102
|
|
Share of Profit/(Loss)
from Associates
|
17.06
|
19.97
|
-15
|
27.14
|
15.49
|
75
|
29.31
|
-11.33
|
LP
|
|
Net profit
attributable to owners
|
89.7
|
-176.13
|
LP
|
329.03
|
84.1
|
291
|
1116.48
|
1048.01
|
7
|
|
EPS (Rs)*
|
#
|
#
|
LP
|
#
|
#
|
291
|
6.77
|
6.36
|
7
|
|
* Annualised on
current equity of Rs 824.00 crore, Face value of Rs 5, Excluding
extraordinary items. # EPS is not annualised, bps : Basis points, EO :
Extraordinary items, Figures in Rs crore, Source: Capitaline Corporate Database
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