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Results
14-Feb-23
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Analysis
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New India Assurance Company
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Improves combined ratio
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The New
India Assurance Company has posted 46% jump in the net profit to Rs 736.73 crore
in the quarter ended December 2022 (Q3FY2023). Gross Direct Premium rose 2% to
Rs 9321.80 crore in Q3FY2023.
The company has posted operating profit
of Rs 775.70 crore in Q3FY2023 as against Rs 93.41 crore in Q3FY2022. The
segments such as motor, fire, marine and miscellaneous have posted operating
profit, while segments such as health and crop have recorded operating losses
in Q3FY2023.
PBT has increased 53% to Rs 907.87
crore. the provision for tax increased 61% to Rs 162.80 crore. There was gain attributable
to non-controlling interest of Rs 1.10 crore and loss from associate was at Rs
9.44 crore. The net profit increased 46% to Rs 736.73 crore in Q3FY2023.
Combined Ratio improved on sequential
basis to 115.5% in Q3FY2023 from 121.02% in Q2FY2023, while also improved from 118.69%
in Q3FY2022.
The solvency ratio rose to 1.91% end December
2022.
Book
value
of the company including fair value change account stood at Rs 169.4 per share
and excluding fair value change account stood at Rs 127.0 per share end December
2022.
Commenting on the results
Neerja Kapur, Chairman cum Managing Director said "New India Assurance has
posted impressive results for the period ending December 2022. The profit
before tax increased by 33% from 818 crore in 9MFY22 to 1086 crore in 9MFY23.
For the third quarter, the PBT increased by 56% from 587 crore to 914 crore. The
gross written premium rose at moderate pace of 1.9% in 9MFY2023 due to the same
period previous year recording significant revenues from the crop line of business
and some Government business, which were not there this year as well as shedding
certain loss making business. The company made a provision of about Rs 3100
crore pertaining to additional liabilities on account of wage arrears and
related AS 15 liabilities during the period. Additional capital gains realized
in favorable market conditions partially cushioned this adverse impact.
The ICR for the period improved to
94.70% from 99.48%. Property line of business performed well, and the health
line of business showed improved results during the period. Adverse development
of claims in crop line of business and severe competition in Motor line of
business adversely impacted the results during the period. However, the overall
combined ratio improved from 120.01% to 116.37% during the period. Operating expenses
have gone up during the quarter due to the impact of revised wages. The
solvency ratio has improved to 1 .91x from 1.66x in March 2022. The net worth
remains healthy at around 39000 crore and the company continues to be the market
leader in India in non-life insurance. Going forward, the company will continue
to target profitable growth and looks forward to further improving its
operating performance."
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Consolidated Statement
of Revenue Accounts: New India Assurance
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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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Var %
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2203 (12)
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2103 (12)
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Var %
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1. Premiums earned
(Net)
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7908.49
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7434.71
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6
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22487.57
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21768.33
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3
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29064.70
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26376.33
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10
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2. Profit on sale of
Investments (Net)
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1889.75
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1425.91
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33
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5882.68
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3857.70
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52
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4693.94
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4335.78
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8
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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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73.31
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-
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Total (A)
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9798.24
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8860.62
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11
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28370.25
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25626.03
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11
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33758.64
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30785.42
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10
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1. Claims Incurred
(Net)
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7155.23
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7169.95
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0
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21237.41
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21584.19
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-2
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28832.00
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22156.76
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30
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2. Commission
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624.00
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595.92
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5
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1770.77
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1634.97
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8
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2313.02
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2483.86
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-7
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3. Operating Expenses
related to Insurance Business
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1243.31
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1001.34
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24
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3179.19
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2917.61
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9
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4069.87
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5427.23
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-25
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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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9022.55
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8767.22
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3
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26187.38
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26136.78
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0
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35214.90
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30067.86
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17
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Operating Profit/ Loss
C=(A -B)
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775.70
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93.41
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730
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2182.88
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-510.74
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LP
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-1456.25
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717.57
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PL
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(a) Fire Insurance
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616.64
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392.30
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57
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1193.79
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468.18
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155
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517.40
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201.93
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156
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(b) Marine Insurance
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55.52
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52.47
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6
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72.82
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107.09
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-32
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48.09
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50.28
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-4
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(c) Health
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-753.88
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-1015.00
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-26
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-1623.53
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-3728.80
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-56
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-4855.72
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-1469.72
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230
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(d) Crop
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-8.15
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51.74
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PL
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-131.21
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82.82
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PL
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214.29
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-296.74
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LP
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(e) Motor
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576.56
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452.48
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27
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2189.64
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1940.64
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13
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1776.61
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1960.06
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-9
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(f) Miscellaneous
Insurance
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289.03
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159.43
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81
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481.39
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619.33
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-22
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843.07
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271.75
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210
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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775.70
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93.41
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730
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2182.88
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-510.74
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-
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-1456.25
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717.57
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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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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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Var %
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2203 (12)
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2103 (12)
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Var %
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1. Transfer from
policyholders fund
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775.70
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93.41
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730
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2182.88
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-510.74
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-527
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-1456.25
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717.57
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-303
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2. Income from
investments
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760.18
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607.79
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25
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2372.21
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1640.52
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45
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2012.09
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1979.35
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2
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3. Other income
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17.09
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1.34
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1175
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24.43
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35.97
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-32
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94.98
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29.40
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223
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Total (A)
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1552.97
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702.54
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121
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4579.52
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1165.75
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293
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650.82
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2726.32
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-76
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4. Provisions (Other
than taxation)
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10.18
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2.98
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242
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37.53
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4.25
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783
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21.13
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128.62
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-84
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5. Other expenses
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634.92
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104.83
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506
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3435.65
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313.55
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996
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452.08
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537.94
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-16
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Total (B)
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645.10
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107.81
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498
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3473.18
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317.80
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993
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473.21
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666.56
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-29
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Profit before tax
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907.87
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594.73
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53
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1106.34
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847.95
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30
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177.61
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2059.76
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-91
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Provision for
taxation:
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162.80
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100.82
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61
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188.98
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120.23
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57
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-0.31
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432.01
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LP
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PAT
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745.07
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493.91
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51
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917.36
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727.72
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26
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177.92
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1627.75
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-89
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Profit attributable to
non-controlling interest
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-1.10
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1.38
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LP
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4.35
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5.85
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-26
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3.86
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4.74
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-19
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Share of profit /Loss
from associates
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-9.44
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10.46
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PL
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8.87
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25.11
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-65
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20.51
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17.46
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17
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Net Profit
attributable to owners
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736.73
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502.99
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46
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921.88
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746.97
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23
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194.57
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1640.47
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-88
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EPS (Rs) *
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17.9
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12.2
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7.5
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6.0
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1.2
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10.0
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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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Previous News |
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(
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