 |
Results
30-May-23
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
New India Assurance Company
|
|
Gross premium collection jumps 16% in Q4FY23
|
|
|
|
|
|
The New
India Assurance Company has posted jump in the net profit to Rs 126.12 crore in
the quarter ended March 2023 (Q4FY2023) against net loss of Rs 552.40 crore in
Q4FY2022. Gross Direct Premium increased 16% to Rs 10434.54 crore in Q4FY2023.
The company has posted operating loss of
Rs 79.51 crore in Q4FY2023 as against operating loss of Rs 945.52 crore in Q4FY2022.
The segments such as motor, marine and miscellaneous have posted operating
profit, but segments such as fire, health and crop have recorded operating
losses in Q4FY2023.
PBT has increased to Rs 150.12 crore
in Q4FY2023 from PBT loss of Rs 670.34 crore in Q4FY2022. The provisions for
tax were at Rs 6.19 crore against reversals of tax provisions of Rs 120.54
crore in Q4FY2022. There was gain attributable to non-controlling interest of
Rs 2.40 crore and loss from associate was at Rs 20.21 crore. The net profit
increased to Rs 120.12 crore in Q4FY2023.
Combined Ratio improved on yoy basis
to 119.47% in Q4FY2023 from 122.6% in Q4FY2022.
The solvency ratio declined on sequential
basis to 1.87% end March 2023.
Book
value
of the company including fair value change account stood at Rs 156.9 per share
and excluding fair value change account stood at Rs 128.1 per share end March
2023.
Commenting on the results
Neerja Kapur, Chairman cum Managing Director said "After a challenging
FY22 where the company`s performance was adversely affected by COVID claims,
the company has delivered good results in FY23. The gross written premium
increased by only 5.3% as the company pursued its strategy of growth with
profitability, which meant that the company had let go of some businesses where
the price was not adequate. The profit after tax has increased to Rs 1055 crore
in FY23 as compared to PAT of 164 crore of FY22, an increase of 543%. The
underwriting results were negatively impacted to an extent of 224 crore due to
adverse development of claims pertaining to previous years in the crop line of business.
CAT losses in foreign operations in the 4th quarter also negatively impacted
the results, with the full year results getting adversely impacted by 107 crore.
In FY23, the company absorbed the entire impact of wage arrears and additional
provisioning on account of employee benefits to the extent of 3445 crore, which
was partially offset by investment income due to good market conditions.
Operationally, the company
looks forward to an improved performance in FY24 in terms of premium growth,
loss ratio, combined ratio as well as profits. The company has rolled out its
price increases in retail health after a gap of 6 years. The pricing in the
group health segment has been tightened. The Motor portfolio is witnessing growth
once again after many years of muted performance and steps are being taken to
reduce its loss ratio. The revised product filing guidelines have ensured that
the time to market for new products has decreased significantly. The company
will be launching several new products in the coming year."
|
Consolidated Statement
of Revenue Accounts: New India Assurance
|
|
|
2303 (3)
|
2203 (3)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
1. Premiums earned
(Net)
|
7937.38
|
7296.37
|
9
|
30424.95
|
29064.70
|
5
|
|
2. Profit on sale of
Investments (Net)
|
1610.56
|
836.24
|
93
|
7493.23
|
4693.94
|
60
|
|
4. Others
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
Total (A)
|
9547.94
|
8132.61
|
17
|
37918.18
|
33758.64
|
12
|
|
|
|
|
|
|
|
|
|
1. Claims Incurred
(Net)
|
7772.97
|
7247.82
|
7
|
29010.38
|
28832.00
|
1
|
|
2. Commission
|
669.11
|
678.05
|
-1
|
2439.89
|
2313.02
|
5
|
|
3. Operating Expenses
related to Insurance Business
|
1185.37
|
1152.26
|
3
|
4364.55
|
4069.87
|
7
|
|
4. Premium Deficiency
|
0.00
|
0.00
|
0
|
0.00
|
0.00
|
0
|
|
Total Expenses (B)
|
9627.46
|
9078.14
|
6
|
35814.83
|
35214.90
|
2
|
|
|
|
|
|
|
|
|
|
Operating Profit/ Loss
C=(A -B)
|
-79.51
|
-945.52
|
-
|
2103.37
|
-1456.25
|
LP
|
|
(a) Fire Insurance
|
-138.86
|
49.23
|
PL
|
1054.93
|
517.40
|
104
|
|
(b) Marine Insurance
|
82.16
|
-59.00
|
LP
|
154.98
|
48.09
|
222
|
|
(c) Health
|
-628.68
|
-1126.92
|
-
|
-2252.21
|
-4855.72
|
-
|
|
(d) Crop
|
-46.81
|
131.47
|
PL
|
-178.02
|
214.29
|
PL
|
|
(e) Motor
|
328.85
|
-164.03
|
LP
|
2518.48
|
1776.61
|
42
|
|
(f) Miscellaneous Insurance
|
323.83
|
223.75
|
45
|
805.21
|
843.07
|
-4
|
|
APPROPRIATIONS
|
|
|
|
|
|
|
|
Transfer to
Shareholders` Account
|
-79.51
|
-945.52
|
-
|
2103.37
|
-1456.25
|
LP
|
|
Transfer to Other
Reserves
|
0
|
0
|
|
0
|
0
|
|
|
Consolidated Statement
of Profit & Loss Account: New India Assurance
|
|
|
2303 (3)
|
2203 (3)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
1. Transfer from
policyholders fund
|
-79.51
|
-945.52
|
-92
|
2103.37
|
-1456.25
|
LP
|
|
2. Income from
investments
|
634.42
|
371.58
|
71
|
3006.63
|
2012.09
|
49
|
|
3. Other income
|
40.73
|
59.01
|
-31
|
65.16
|
94.98
|
-31
|
|
Total (A)
|
595.64
|
-514.93
|
LP
|
5175.16
|
650.82
|
695
|
|
|
|
|
|
|
|
|
|
4. Provisions (Other
than taxation)
|
-4.77
|
16.88
|
LP
|
32.76
|
21.13
|
55
|
|
5. Other expenses
|
450.29
|
138.53
|
225
|
3885.94
|
452.08
|
760
|
|
|
|
|
|
|
|
|
|
Total (B)
|
445.52
|
155.41
|
187
|
3918.70
|
473.21
|
728
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
150.12
|
-670.34
|
LP
|
1256.46
|
177.61
|
607
|
|
Provision for
taxation:
|
6.19
|
-120.54
|
PL
|
195.16
|
-0.31
|
PL
|
|
PAT
|
143.93
|
-549.80
|
LP
|
1061.30
|
177.92
|
497
|
|
Profit attributable to
non-controlling interest
|
-2.40
|
-1.99
|
21
|
1.96
|
3.86
|
-49
|
|
Share of profit /Loss
from associates
|
-20.21
|
-4.59
|
-
|
-11.33
|
20.51
|
PL
|
|
Net Profit
attributable to owners
|
126.12
|
-552.40
|
LP
|
1048.01
|
194.57
|
439
|
|
EPS (Rs) *
|
3.1
|
-13.4
|
|
6.4
|
1.2
|
|
|
* 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
|
|
|
|
|
Previous News |
New India Assurance Company
(
Results
-
Analysis
14-Feb-23
10:24
)
|
|
|
New India Assurance Company reports standalone net profit of Rs 154.96 crore in the March 2023 quarter
(
Results
-
Announcements
30-May-23
09:07
)
|
|
|
New India Assurance Company to hold board meeting
(
Corporate News
-
15-May-24
15:29
)
|
|
|
New India Assurance Company to table results
(
Corporate News
-
01-Feb-23
16:53
)
|
|
|
New India Assurance Company consolidated net profit declines 64.83% in the September 2022 quarter
(
Results
-
Announcements
12-Nov-22
08:12
)
|
|
|
Volumes soar at Restaurant Brands Asia Ltd counter
(
Hot Pursuit
-
15-Sep-23
11:00
)
|
|
|
New India Assurance Company fixes record date for final dividend
(
Market Beat
-
Reports
30-May-23
09:05
)
|
|
|
New India Assurance Company standalone net profit declines 73.75% in the September 2022 quarter
(
Results
-
Announcements
12-Nov-22
08:10
)
|
|
|
New India Assurance Company
(
Results
-
Analysis
11-Aug-22
07:11
)
|
|
|
New India Assurance Company consolidated net profit rises 94.39% in the June 2023 quarter
(
Results
-
Announcements
12-Aug-23
07:46
)
|
|
|
New India Assurance Company Ltd leads losers in 'A' group
(
Hot Pursuit
-
24-Aug-21
15:01
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|