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Results
10-Feb-24
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Analysis
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New India Assurance Company
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Combined ratio 116.5% in Q3FY2024
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The New
India Assurance Company has posted 2% decline in the net profit to 721.51 crore
in the quarter ended December 2023 (Q3FY2024) against net profit of Rs 736.73 crore
in Q3FY2023. Gross Direct Premium increased 15% to Rs 10738.70 crore in Q3FY2024.
The company has posted operating profit
of Rs 294.36 crore in Q3FY2024 as against operating profit of Rs 775.70 crore
in Q3FY2023. The segments such as fire, marine, crop, motor and miscellaneous
have posted operating profit, while health segment have recorded operating loss
in Q3FY2024.
PBT declined 5% to Rs 866.45 crore in Q3FY2024
compared with Rs 907.87 crore in Q3FY2023. The company has created tax
provisions of Rs 153.44 crore against provisions of Rs 162.80 crore in Q3FY2023.
There was loss attributable to non-controlling interest of Rs 0.20 crore and
gain from associate was at Rs 8.70 crore. The net profit came in at Rs 721.51 crore
in Q3FY2024.
Combined Ratio rose to 116.54% in Q3FY2024
from 115.5% in Q3FY2023, while dipped from 130.57% in Q2FY2024.
The solvency ratio rose on sequential
basis to 1.72% end December 2023.
Book
value
of the company including fair value change account stood at Rs 173.8 per share
and excluding fair value change account stood at Rs 131.2 per share end December
2023.
Commenting
on the results, Neerja Kapur, Chairperson & Managing Director said,
"FY24 continues to be a challenging year for the company. In the third
quarter, the country witnessed catastrophic events like cyclone Michaung and
floods in South India, Sikkim andWest Bengal. The net impact of these events on
the company`s third-quarter results was about Rs 358 crore. This is in addition
to the Rs 301 crore of catastrophe claims that adversely impacted the results
in the first half. The motor OD loss ratio improved while the third-party
segment loss ratio was higher as premiums were largely unchanged in this
segment. The health segment loss ratio is improving due to the price
corrections undertaken in the retail segment and more prudent underwriting in
the group segment although it has impacted the topline growth.
Considering
this backdrop, the reported results have been excellent. The Gross Written
Premium grew by 15.4% compared to the same quarter last year and 10.5% in the
nine months compared to the previous year. The profit after tax for the quarter
was Rs 715 crore compared to a loss of Rs 200 crore in the second quarter. The
profit after tax for the first nine months was 775 crore compared to Rs 900 crore
for the same period the previous year. The investment environment has been
buoyant, and the company`s net worth including fair value change account
increased from Rs 37957 crore in March 2023 to Rs 44690 crore in December 2023.
The solvency ratio remains healthy at 1.72x. The Indian general insurance
industry has a long runway for growth, and the company will continue its
strategy to pursue growth with profitability."
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Consolidated Statement
of Revenue Accounts: New India Assurance
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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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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8986.77
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7908.49
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14
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25203.35
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22487.57
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12
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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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1689.35
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1889.75
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-11
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4690.95
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5882.68
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-20
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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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0.00
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0.00
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-
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Total (A)
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10676.12
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9798.24
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9
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29894.30
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28370.25
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5
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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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8321.80
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7155.23
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16
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24662.40
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21237.41
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16
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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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740.99
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624.00
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19
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2263.14
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1770.77
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28
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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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1318.97
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1243.31
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6
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3589.10
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3179.19
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13
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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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0.00
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0.00
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0
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Total Expenses (B)
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10381.77
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9022.55
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15
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30514.65
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26187.38
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17
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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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294.36
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775.70
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-62
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-620.34
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2182.88
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PL
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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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254.11
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616.64
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-59
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256.73
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1193.79
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-78
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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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94.37
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55.52
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70
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170.02
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72.82
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133
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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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-766.39
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-753.88
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2
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-2390.81
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-1623.53
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47
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-2252.21
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-4855.72
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-54
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(d) Crop
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137.13
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-8.15
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LP
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138.22
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-131.21
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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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259.48
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576.56
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-55
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825.16
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2189.64
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-62
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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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315.67
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289.03
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9
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380.32
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481.39
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-21
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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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294.36
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775.70
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-62
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-620.35
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2182.88
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-
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2103.36
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-1456.25
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-
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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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0
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0
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Consolidated Statement
of Profit & Loss Account: New India Assurance
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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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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294.36
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775.70
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-62
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-620.35
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2182.88
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-128
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2103.37
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-1456.25
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-244
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2. Income from
investments
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689.89
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760.18
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-9
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1938.32
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2372.21
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-18
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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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0.19
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17.09
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-99
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-20.45
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24.43
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-184
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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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984.44
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1552.97
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-37
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1297.52
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4579.52
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-72
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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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1.02
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10.18
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-90
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25.40
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37.53
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-32
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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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116.98
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634.92
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-82
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329.87
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3435.65
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-90
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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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118.00
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645.10
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-82
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355.27
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3473.18
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-90
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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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866.45
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907.87
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-5
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942.25
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1106.34
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-15
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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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153.44
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162.80
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-6
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158.91
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188.98
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-16
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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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713.01
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745.07
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-4
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783.34
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917.36
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-15
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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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0.20
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-1.10
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PL
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1.93
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4.35
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-56
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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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8.70
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-9.44
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LP
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24.19
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8.87
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173
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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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721.51
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736.73
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-2
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805.60
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921.88
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-13
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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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17.5
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17.9
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6.5
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7.5
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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 |
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(
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(
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