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Analyst Meet / AGM
15-May-18
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Conference Call
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New India Assurance
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Expects to further reduce combined ratio to 105% in FY2019
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New India Assurance conducted its conference call on 14 May 2018 to discuss its financial results for the quarter ended March 2018. G Srinivasan, Chairman and Managing Director of the company addressed the call:
Highlights:
- The company has recorded 15.3% growth in gross written premium to Rs 26554 crore in FY2018. The Indian gross direct premium income increased 19% to Rs 22717 crore in FY2018. The Indian general insurance industry is poised for a great expansion in the coming years, while the company expects to grow in line with the market.
- The company has posted strong 118% growth in its net profit to Rs 2201 crore in FY2018. As per the company, the improved profitability was driven by sharp decline in combined ratio to 111.2% in FY2018 from 118.7% in FY2017 and adjusted combined ratio dipped to 94.6% from 102.6%. This led by decline in incurred claims ratio to 85.7% from 91.3%.
- The company expects to further reduce combined ratio to 105% in FY2019, supported by improvement in health and motor segment.
- The profitability of the company was also supported by improvement in expense ratio to 16.8% in FY2018 from 20.3% in FY2017.
- The company has witnessed increase in commission ratio to 8.7% in FY2018 from 7.1% in FY2017, mainly on account of regulatory changes. The company expects to contain commission ratio at 8.5% in FY2019.
- The company has improved RoE to 16.1% in FY2018 from 9% in FY2017.
- The solvency ratio of the company has improved to 2.58x end March 2018 from 2.2x end March 2017.
- The provisions for employee gratuity benefit of Rs 70 crore impacted the expenses of the company. The company has spread gratuity provisions of Rs 350 crore over five years.
- The health insurance segment has showed improved loss ratio with continued price correction, while the company expects to continue decline in loss ratio in the health insurance segment. The loss ratio in group health segment has declined to 110% in FY2018 from 125% in FY2017, while the company expects to reduce the same to 100% in FY2019. Overall healthy segment loss ratio is expected to improve 95% in FY2019.
- The loss ratio for retail health insurance have declined to 82% in FY2018 from 87% in FY2017, while the loss ratio for corporate health products has dipped to 110% from 125%, while its expected to dip to 100% by end March 2018.
- The networth of the company including fair value account stood at Rs 38300 crore, AUM at Rs 64819 crore and assets base at Rs 76904 crore end March 2018.
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