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Results
13-Nov-21
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Analysis
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New India Assurance Company
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Gross premium collection rises 17%
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The New
India Assurance Company has posted sharp 74% dip in the net profit to Rs 145.79
crore in the quarter ended September 2021 (Q2FY2022). Gross Direct Premium increased
17% to Rs 9192.39 crore in Q2FY2022.
The company has posted operating loss
of Rs 437.72 crore in Q2FY2022 as against profit of Rs 396.37 crore in Q2FY2021.
Combined Ratio jumped to 126.47%,
while adjusted combined ratio rose to 105.78% in Q2FY2022. Return on Equity
(annualized) dipped to 3.1% in Q2FY2022. The solvency ratio eased to 1.9x end June
2021.
The book value of the company
including fair value change account stood at Rs 214.42 per share and excluding
fair value change account stood at Rs 121.05 per share end June 2021.
Commenting on the results,
Chairman Cum Managing Director Atul Sahai said: "Q2FY22 was one of the
most challenging quarters in recent times in terms of profitability. However,
in terms of business growth, the Company grew at around 20% compared to the
industry growth of around 13%.
The company paid about 1250
crore worth of COVID claims in the first quarter and about 1,100 crore worth of
claims in the second quarter. While the company did have a negative impact on
profits due to COVID claims it gives me immense satisfaction that the company
could play a major role in providing the necessary financial support to our
valuable policyholders during this period. The company has settled more than
3.1 Lakh COVID claims in H1FY22.
While the COVID related
claims have started tapering, non-COVID claims have started increasing. The
company also suffered significant CAT losses during the quarter. The company faced
claims of about 235 crore on account of floods in Maharashtra. This is in addition
to the CAT losses in the first quarter, of about Rs. 200 crore. The overseas
operations were negatively impacted due to CAT losses of about 60 crore on
account of floods in Germany and Hurricane IDA. Motor business loss ratios have
also increased as vehicular traffic comes back to normalcy.
On the positive side, the
net worth has increased from 36451 crore in March 2021 to 39921 crore as of
30th Sep 2021. Investments Assets have also gone up from Rs 68639 crore in
March 2021 to Rs 82001 crore end September 2021. The operating expenses were
also lower."
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Results Consolidated Statement
of Revenue Accounts: New India Assurance
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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Var %
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2103 (12)
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2003 (12)
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Var %
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1. Premiums earned
(Net)
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7518.54
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6601.66
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14
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14333.63
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12663.85
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13
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26376.33
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23662.18
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11
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2. Profit on sale of
Investments (Net)
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1523.20
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936.85
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63
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2431.78
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1538.56
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58
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4335.78
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4528.07
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-4
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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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73.31
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0.00
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-
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Total (A)
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9041.74
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7538.51
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20
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16765.41
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14202.41
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18
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30785.42
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28190.25
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9
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1. Claims Incurred
(Net)
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8112.08
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5552.47
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46
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14414.24
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9549.60
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51
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22156.76
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21573.92
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3
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2. Commission
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535.74
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595.51
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-10
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1039.05
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1224.98
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-15
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2483.86
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2308.28
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8
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3. Operating Expenses
related to Insurance Business
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831.64
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994.16
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-16
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1916.27
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2816.38
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-32
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5427.23
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3874.10
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40
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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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9479.47
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7142.15
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33
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17369.57
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13590.97
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28
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30067.86
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27756.31
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8
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Operating Profit/ Loss
C=(A -B)
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-437.72
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396.37
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PL
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-604.15
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611.45
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PL
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717.57
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433.95
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65
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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-437.72
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396.37
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PL
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-604.15
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611.45
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PL
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717.57
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433.95
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65
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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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Statement of Profit
& Loss Account: New India Assurance
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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Var %
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2103 (12)
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2003 (12)
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Var %
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1. Operating
profit/(loss)
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-437.72
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396.37
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PL
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-604.15
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611.45
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PL
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717.57
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433.95
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65
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(a) Fire Insurance
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-176.57
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79.72
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PL
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75.88
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-357.59
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LP
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201.93
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360.78
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-44
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(b) Marine Insurance
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22.64
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16.57
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37
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54.62
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45.85
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19
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50.28
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93.96
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-46
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(c) Health
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-1157.51
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-147.24
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686
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-2713.79
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-39.25
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6814
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-1469.72
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-1506.08
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-2
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(d) Crop
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10.32
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-54.33
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LP
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31.08
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-91.94
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LP
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-296.74
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-212.84
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39
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(e) Motor
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702.64
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673.67
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4
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1488.16
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1364.74
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9
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1960.06
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1712.24
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14
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(c) Miscellaneous
Insurance
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160.76
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-172.02
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LP
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459.90
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-310.36
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LP
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271.75
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-14.13
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LP
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2. Income from
investments
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640.45
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441.08
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45
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1032.73
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700.43
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47
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1979.35
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2329.02
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-15
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3. Other income
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32.89
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14.99
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119
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34.62
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16.69
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107
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29.40
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54.88
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-46
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Total (A)
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235.62
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852.44
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-72
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463.20
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1328.57
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-65
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2726.32
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2817.85
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-3
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4. Provisions (Other
than taxation)
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-5.64
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41.19
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LP
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1.27
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43.71
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-97
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128.62
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75.99
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69
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5. Other expenses
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105.05
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104.81
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0
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208.72
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214.68
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-3
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537.94
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1082.82
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-50
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Total (B)
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99.41
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146.00
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-32
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209.99
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258.39
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-19
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666.56
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1158.81
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-42
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Profit before tax
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136.21
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706.44
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-81
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253.21
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1070.18
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-76
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2059.76
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1659.04
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24
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Provision for
taxation:
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2.78
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145.13
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-98
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19.41
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206.24
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-91
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432.01
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223.37
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93
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PAT
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133.43
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561.31
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-76
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233.80
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863.94
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-73
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1627.75
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1435.67
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13
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Profit attributable to
non-controlling interest
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0.23
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1.42
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-84
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4.48
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5.54
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-19
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4.74
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4.46
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6
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Share of profit /Loss
from associates
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12.59
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5.26
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139
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14.65
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24.18
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-39
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17.46
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11.04
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58
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Net Profit
attributable to owners
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145.79
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565.15
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-74
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243.97
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882.58
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-72
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1640.47
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1442.25
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14
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EPS (Rs) *
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3.54
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13.72
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2.96
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10.71
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9.95
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8.75
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* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore, Source: Capitaline Corporate
Database
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