The company’s net earned premium (NEP) was at ₹9,423.99 crore in the June quarter, up 10.26% from the previous year’s ₹8,547.37 crore.
It reported an underwriting loss of ₹1,754.32 crore in comparison to ₹1,576.55 crore in the previous year.New India Assurance’s gross premium written was at ₹13,445.53 crore, up 13.1% from ₹11,888 crore in the previous year.
The net premium written was at ₹10,902.32 crore in the June quarter, up 13.21% from the previous year’s ₹1,272.23 crore.
Its total income of ₹11,080.52 crore was 12.32% higher than the ₹9,865.29 crore in the previous fiscal.
The company’s total expenses also increased 10.41% to ₹11,178.81 crore from ₹10,123.92 crore in the first quarter last year.
New India Assurance’s solvency ratio was at 1.87 from 1.83 in the previous year.
Segment Performance
The health segment reported a net earned premium of ₹6,388.46 crore in the June quarter, up 16.11% from ₹886.4 crore in the year-ago period. It reported an underwriting loss of ₹1,188.43 crore, in comparison to ₹1,124.85 crore in the previous year.The motor segment’s NEP was at ₹2,593.74 crore, up 5.31% from ₹2,462.87 crore last year. It too reported an underwriting loss of ₹825 crore from ₹946 crore last year.
The fire segment’s NEP increased 20.85% to ₹884 crore. It reported an underwriting profit of ₹353 crore from ₹348 crore in the previous year.
The company’s marine segment’s NEP increased 3.38% to ₹183 crore from ₹177 crore in the previous year. Its underwriting profit was at ₹29 crore, up 67.49% from last year’s ₹17 crore.
Lastly, the engineering segment’s NEP increased 59.76% to ₹177 crore from ₹111 crore in the year-ago period. It reported an underwriting profit of ₹34 crore from ₹84 crore in the previous year.
Shares of New India Assurance were trading 8.6% higher at ₹188.45 apiece at 11.05 am on Wednesday. The stock has declined nearly 9% this year, so far.
New India Assurance listed in 2017 at an IPO price of ₹800 per share, and barring 2023, the stock has delivered negative returns every single year.
Also Read: Four factors why Citi upgraded shares of this non-bank lender to ‘Buy’
