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Results
11-Aug-22
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Analysis
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New India Assurance Company
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Slow premium collection growth on high base, combined ratio improves
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The New
India Assurance Company has posted 36% increase in the net profit to Rs 133.87 crore
in the quarter ended June 2022 (Q1FY2023). Gross Direct Premium increased 7% to
Rs 1461.84 crore in Q1FY2023.
The company has posted operating loss
of Rs 120.76 crore in Q1FY2023 as against net loss of Rs 166.43 crore in Q4FY2021.
The segment such has health, marine and crop have posted operating losses,
while segments such as fire, motor and miscellaneous have recorded operating
profits in Q1FY2023.
Combined Ratio eased on sequential
basis to 112.73%, while adjusted combined ratio improved to 100.81% in Q1FY2023.
The solvency ratio rose to 1.72x end June
2022.
The book value of the company
including fair value change account stood at Rs 159.4 per share and excluding
fair value change account stood at Rs 120.9 per share end June 2022.
Commenting on the results,
Madhulika Bhaskar, General Manager, said, "After a challenging FY22,
Q1FY23 saw a turnaround with the company`s results improving considerably
compared to the previous quarter. The gross written premium growth at 6.5% was
low as the company took several proactive steps to strengthen the pricing and
weed out loss-making accounts to improve profitability. The full impact of
these initiatives should be visible in the ensuing quarters. The high base
effect of Q1FY22 also impacted the YoY growth numbers as the company had
received some bulk government business in the same quarter last year. The
incurred claim ratio decreased to 94.05% compared to 99.46% in FY22. While the
impact of COVID claims has reduced, it hasn`t fully receded. The company paid
COVID claims worth Rs 372 crore in QFY23. The combined ratio improved
considerably to 112.99% in Q11FY23 compared to 120.66% in FY22. Foreign
operations returned to profitability in the current quarter. The solvency ratio
improved to 1.72x compared to 1.66x in the previous quarter. We look forward to
better results going forward"
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Statement of Revenue
Accounts: New India Assurance
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2206 (3)
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2106 (3)
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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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7229.53
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6815.09
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6
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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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965.26
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908.58
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6
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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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73.31
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-
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Total (A)
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8194.79
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7723.67
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6
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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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6775.03
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6302.16
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8
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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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530.46
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503.31
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5
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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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1010.06
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1084.63
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-7
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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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Total Expenses (B)
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8315.56
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7890.11
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5
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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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-120.76
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-166.43
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-27
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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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204.40
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252.45
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-19
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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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-31.73
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31.99
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PL
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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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-607.43
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-1556.28
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-61
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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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-11.10
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20.76
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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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214.58
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785.52
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-73
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1776.61
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1960.06
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-9
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(c) Miscellaneous
Insurance
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110.52
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299.12
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-63
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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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-120.76
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-166.43
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-27
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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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Statement of Profit
& Loss Account: New India Assurance
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2206 (3)
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2106 (3)
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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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-120.76
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-166.43
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-27
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-1456.25
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717.57
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PL
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2. Income from
investments
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399.73
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392.28
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2
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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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2.88
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1.73
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66
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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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281.85
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227.58
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24
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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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16.65
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6.91
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141
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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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104.26
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103.67
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1
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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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120.91
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110.58
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9
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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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160.94
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117.00
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38
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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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30.58
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16.63
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84
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-0.31
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432.01
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-100
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PAT
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130.36
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100.37
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30
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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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3.26
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4.25
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-23
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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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6.77
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2.06
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229
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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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133.87
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98.18
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36
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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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3.2
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2.4
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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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