 |
Results
09-Nov-23
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
New India Assurance Company
|
|
Combined ratio jumps to 130.57% in Q2FY2024
|
|
|
|
|
|
The New
India Assurance Company has posted net loss of Rs 176.13 crore in the quarter
ended September 2023 (Q2FY2024) against net profit of Rs 51.28 crore in
Q2FY2023. Gross Direct Premium increased 6% to Rs 9490.73 crore in Q2FY2024.
The company has posted operating loss
of Rs 803.18 crore in Q2FY2024 as against operating profit of Rs 1527.94 crore
in Q2FY2023. The segments such as fire, health, crop and miscellaneous have
posted operating loss, while motor and marine segment have recorded operating
profit in Q2FY2024.
Pre tax loss came in at Rs 241.99
crore in Q2FY2024 compared with pre-tax profit of Rs 37.53 crore in Q2FY2023.
The company has reversed tax provisions of Rs 46.67 crore against provisions
reversals of Rs 4.40 crore in Q2FY2023. There was loss attributable to
non-controlling interest of Rs 0.78 crore and gain from associate was at Rs 19.97
crore. The net loss came in at Rs 176.13 crore in Q2FY2024.
Combined Ratio surged to 130.57% in
Q2FY2024 from 121.02% in Q2FY2023 and 115.35% in Q1FY2024.
The solvency ratio declined on
sequential basis to 1.7% end September 2023.
Book
value
of the company including fair value change account stood at Rs 164.9 per share
and excluding fair value change account stood at Rs 126.1 per share end September
2023.
Commenting on the results Neerja
Kapur, CMD said, “Q2FY24 was one of the most challenging quarters for the
company in recent times. The company suffered CAT losses on account of floods
amounting to net of Rs 301 crore during the quarter. There was adverse
development in the aviation portfolio of about 50 crore. The foreign operations
were also under pressure as they reported losses of about 71 crore during the
quarter driven by risk losses in Dubai operations and CAT losses in UK
operations. While a confluence of multiple events affected the results for the
quarter, Motor and Health portfolio registered growth. The profitability of
these lines should improve going forward. Agency channel has also started
growing at a healthy pace. The company expects to deliver improved results in
the ensuing quarters.”
|
Consolidated Statement
of Revenue Accounts: New India Assurance
|
|
|
2309 (3)
|
2209 (3)
|
Var %
|
2309 (6)
|
2209 (6)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
1. Premiums earned
(Net)
|
8245.13
|
7349.55
|
12
|
16216.57
|
14579.08
|
11
|
30424.95
|
29064.70
|
5
|
|
2. Profit on sale of
Investments (Net)
|
1640.81
|
3027.66
|
-46
|
3001.60
|
3992.92
|
-25
|
7493.23
|
4693.94
|
60
|
|
4. Others
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
Total (A)
|
9885.94
|
10377.21
|
-5
|
19218.17
|
18572.00
|
3
|
37918.18
|
33758.64
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Claims Incurred
(Net)
|
8690.72
|
7307.14
|
19
|
16340.60
|
14082.18
|
16
|
29010.38
|
28832.00
|
1
|
|
2. Commission
|
823.87
|
616.32
|
34
|
1522.15
|
1146.78
|
33
|
2439.89
|
2313.02
|
5
|
|
3. Operating Expenses related
to Insurance Business
|
1174.53
|
925.81
|
27
|
2270.13
|
1935.87
|
17
|
4364.55
|
4069.87
|
7
|
|
4. Premium Deficiency
|
0.00
|
0.00
|
0
|
0.00
|
0.00
|
0
|
0.00
|
0.00
|
0
|
|
Total Expenses (B)
|
10689.13
|
8849.28
|
21
|
20132.89
|
17164.84
|
17
|
35814.83
|
35214.90
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit/ Loss
C=(A -B)
|
-803.18
|
1527.94
|
PL
|
-914.71
|
1407.17
|
PL
|
2103.37
|
-1456.25
|
LP
|
|
(a) Fire Insurance
|
-356.97
|
372.75
|
PL
|
2.63
|
577.15
|
-100
|
1054.93
|
517.40
|
104
|
|
(b) Marine Insurance
|
65.19
|
49.03
|
33
|
75.66
|
17.30
|
337
|
154.98
|
48.09
|
222
|
|
(c) Health
|
-818.90
|
-262.22
|
212
|
-1624.42
|
-869.65
|
87
|
-2252.21
|
-4855.72
|
-54
|
|
(d) Crop
|
-2.78
|
-111.96
|
-98
|
1.10
|
-123.06
|
LP
|
-178.02
|
214.29
|
PL
|
|
(e) Motor
|
369.61
|
1398.50
|
-74
|
565.68
|
1613.08
|
-65
|
2518.48
|
1776.61
|
42
|
|
(f) Miscellaneous
Insurance
|
-59.32
|
81.84
|
PL
|
64.65
|
192.36
|
-66
|
805.21
|
843.07
|
-4
|
|
APPROPRIATIONS
|
|
|
|
|
|
|
|
|
|
|
Transfer to
Shareholders` Account
|
-803.18
|
1527.94
|
PL
|
-914.71
|
1407.17
|
PL
|
2103.36
|
-1456.25
|
LP
|
|
Transfer to Other
Reserves
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
|
Consolidated Statement
of Profit & Loss Account: New India Assurance
|
|
|
2309 (3)
|
2209 (3)
|
Var %
|
2309 (6)
|
2209 (6)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
1. Transfer from
policyholders fund
|
-803.18
|
1527.94
|
PL
|
-914.71
|
1407.17
|
PL
|
2103.37
|
-1456.25
|
LP
|
|
2. Income from
investments
|
680.61
|
1212.30
|
-44
|
1248.43
|
1612.03
|
-23
|
3006.63
|
2012.09
|
49
|
|
3. Other income
|
4.48
|
4.47
|
0
|
-20.64
|
7.34
|
PL
|
65.16
|
94.98
|
-31
|
|
Total (A)
|
-118.09
|
2744.71
|
PL
|
313.08
|
3026.54
|
-90
|
5175.16
|
650.82
|
695
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Provisions (Other
than taxation)
|
11.48
|
10.70
|
7
|
24.37
|
27.34
|
-11
|
32.76
|
21.13
|
55
|
|
5. Other expenses
|
112.43
|
2696.48
|
-96
|
212.90
|
2800.74
|
-92
|
3885.94
|
452.08
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (B)
|
123.91
|
2707.18
|
-95
|
237.27
|
2828.08
|
-92
|
3918.70
|
473.21
|
728
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
-241.99
|
37.53
|
PL
|
75.81
|
198.46
|
-62
|
1256.46
|
177.61
|
607
|
|
Provision for
taxation:
|
-46.67
|
-4.40
|
961
|
5.47
|
26.18
|
-79
|
195.16
|
-0.31
|
PL
|
|
PAT
|
-195.32
|
41.93
|
PL
|
70.34
|
172.28
|
-59
|
1061.30
|
177.92
|
497
|
|
Profit attributable to
non-controlling interest
|
0.78
|
2.19
|
-64
|
1.73
|
5.45
|
-68
|
1.96
|
3.86
|
-49
|
|
Share of profit /Loss
from associates
|
19.97
|
11.54
|
73
|
15.49
|
18.31
|
-15
|
-11.33
|
20.51
|
PL
|
|
Net Profit
attributable to owners
|
-176.13
|
51.28
|
PL
|
84.10
|
185.14
|
-55
|
1048.01
|
194.57
|
439
|
|
EPS (Rs) *
|
-4.3
|
1.2
|
|
1.0
|
2.2
|
|
6.4
|
1.2
|
|
|
* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore, Source: Capitaline
Corporate Database
|
|
|
|
|
Previous News |
New India Assurance Company consolidated net profit declines 2.07% in the December 2023 quarter
(
Results
-
Announcements
10-Feb-24
07:37
)
|
|
|
New India Assurance Company
(
Results
-
Analysis
10-Feb-24
12:42
)
|
|
|
Volumes soar at Restaurant Brands Asia Ltd counter
(
Hot Pursuit
-
15-Sep-23
11:00
)
|
|
|
New India Assurance Company to declare Quarterly Result
(
Corporate News
-
07-Aug-23
11:13
)
|
|
|
New India Assurance Company consolidated net profit rises 36.35% in the June 2022 quarter
(
Results
-
Announcements
11-Aug-22
08:16
)
|
|
|
New India Assurance Company fixes record date for final dividend
(
Market Beat
-
Reports
30-May-23
09:05
)
|
|
|
New India Assurance Company appoints Chief Investment Officer
(
Corporate News
-
02-Mar-22
14:34
)
|
|
|
Swan Energy Ltd leads gainers in 'A' group
(
Hot Pursuit
-
29-Nov-22
12:00
)
|
|
|
New India Assurance Company reports consolidated net loss of Rs 552.40 crore in the March 2022 quarter
(
Results
-
Announcements
24-May-22
08:10
)
|
|
|
New India Assurance Company to conduct board meeting
(
Corporate News
-
03-Nov-22
12:38
)
|
|
|
New India Assurance Company announces cessation of director & general manager
(
Corporate News
-
06-Sep-21
18:12
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|