New India Assurance reports 128.4% growth in profit after tax in Q 4FY 24
Mumbai, 23rd May 2024: Commenting on the results, Executive Director Mr. Titus Francis said, “New India Assurance” has delivered excellent results in FY24 despite adverse impact of several catastrophic claims during the year. The gross written premium grew by 8.3% during the year to Rs.41,996 Cr and profit after tax increased by 7% during the year to Rs.1,129 Cr. The PAT for the fourth quarter more than doubled as it increased by 128.4% to Rs.354 Cr. The solvency ratio remained healthy at 1.81x and the company continues to be the market leader in the Indian general insurance industry. The impact of catastrophic claims on the net incurred claims during the year was “Rs. 794 Cr.During the 4th quarter, the results were adversely impacted by an impairment charge of ~Rs.110 Cr on the Nigerian operations due to devaluation of Naira. The net worth increased to Rs. 44,704 Cr compared to Rs.38,675 Cr in FY23. Even on individual lines, Motor third party loss ratio saw an increase as there was no premium increase during the year. This was marginally offset by decline in the loss ratio of Motor Own Damage segment where price corrections were factored. The health segment loss ratio remains elevated and corrective steps are being taken. Other lines did reasonably well. The Indian general insurance industry has a long runway for growth, and the company will continue its strategy to pursue growth with profitability.”
