The New India Assurance Co. Ltd., the market leader in Non-Life business in India has announced its unaudited Financial Results for the half year ended 30th September 2019.
Performance Overview (stand alone) for the Quarter ended Sep19:
- For the Quarter ended 30th September 2019, the Company reported 27% growth in Gross Written Premium.
- The Profit after Tax increased by 61% to 530 crores compared to 373 crores in the same Quarter of last year.
- The incurred claims ratio decreased from 98.51% in Q2 FY19 to 92.85% in Q2 FY20.
- The Combined Ratio improved from 124.7% to 117% during the quarter.
Performance Overview (stand alone) for the HY ended Sep19:
- Market share of 14.2% and continues to be the market leader
- Gross written premium 16110 crores
- Profit after tax 808 crores.
- Combined Ratio 116.64%
- Adjusted combined ratio 99.37%
- Net Worth including Fair value change 35632 crores.
- Investment Assets at Market Value Rs.67836 crores.
- Solvency Margin at 2.08x
Commenting on the results, Chairman Cum Managing Director Mr. Atul Sahai said, "It is heartening that the Company has recorded encouraging results despite a challenging operating environment. These results are despite the Company incurring significant losses to its net, to the tune of 335 crores during the quarter due to floods in different parts of the country. There is slow down in motor segment. Provisions towards bad debts and dimunition in value of certain equity investments further impacted profitability by 40 crores in the quarter.
- Foreign business continued to be profitable during the quarter.
- The solvency ratio at 2.08X remains higher than the IRDAI mandated control level solvency ratio of 1.5X.
Shares of The New India Assurance Company Ltd was last trading in BSE at Rs.150 as compared to the previous close of Rs. 152.15. The total number of shares traded during the day was 162337 in over 3193 trades.
The stock hit an intraday high of Rs. 159.75 and intraday low of 149. The net turnover during the day was Rs. 25537436.