THE NEW INDIA ASSURANCE CO. LTD. announces Q3 & 9M FY18 results

THE NEW INDIA ASSURANCE CO. LTD. announces Q3 & 9M FY18 results

THE NEW INDIA ASSURANCE CO. LTD. announces Q3 & 9M FY18

THE NEW INDIA ASSURANCE CO. LTD THE NEW INDIA ASSURANCE CO. LTD. announces Q3 & 9M FY18 results

9MFY18

PAT up by 310% at Rs. 1,865 crore

Gross written premium at Rs 19,208 crore up by 17%

Solvency ratioas at 31st Dec. 2017 at comfortable levels of 2.39x

Chennai, February 5th2018:The New India Assurance Co. Ltd, the market leader in Non – Life business for more than 40 years in India, has announced its financial results for the quarter and nine months ended December 31, 2017.

9MFY18 performance overview compared with 9M FY17                                                  

  • PAT higher by 310% to Rs. 1,865crore from Rs. 455crore
  • Combined ratio improved to 110.8% compared to 121.2%
  • Adjusted Combined ratio stood at 93.2% compared to 104.1%
  • Gross Written Premium stood at Rs 19,208 crore as against Rs 16,416 crore up by 17%
  • Return on Equity (annualized) at 18.3%

 Q3FY18 performance overview compared with Q3FY17

  • PAT stood at Rs. 617crorecompared to loss of Rs 24 crore
  • Combined ratio dropped to 109.1% compared to 123.9%
  • Adjusted Combined ratio at 92.9% compared to 108.2%
  • Gross Written Premium stood at Rs6,385crore as against Rs5,213crore up by 23%

 Commenting on the performance, Mr. G Srinivasan,Chairman cum Managing Director said,

“The results have improved substantially due to improvement in combined ratio. The drop in combined ratio was aided by lower claims ratio and operating expense ratio due to various steps taken by the Company.  The General Insurance Industry is poised for a great growth and New India as a market leader will play a very significant role in the growth of the Market.

The National Healthcare Protection Scheme announced by the Government is a game changer and will contribute to insurance penetration going up in a big way. The Insurance Sector will also be greatly benefitted by various measures announced in the Budget to improve Rural economy and Infrastructure”.

 

 About New India Assurance Company Limited:

 

The New India Assurance CompanyLtd,is the largest Non – Life Insurance Company headquartered at Mumbai, India and today operates in 28 countries.The Company has been leading the marketin premium, reserves, net worth, network and profit for many years.

 For more information contact:

Ms. S N Rajeswari (CFO)                                                            Snighter Albuquerque

The New India Assurance Company Ltd                                Concept IR

Tel:  +91 2222708232 / 212                                                        Tel: +022 40558900

Fax: +91 2222708615                                 Mobile No.: +91 98191 23804

E-mail:cfo@newindia.co.in                                                           E-mail: snighter@conceptpr.com

DISCLAIMER:

 Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, inflation, litigation, etc. Actual results might differ substantially from those expressed or implied. The New India Assurance Company Ltd will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

  For       Q3 FY18 For       Q3 FY17 Upto    Q3 FY18 Upto
Q3  FY17
GWP (` Cr) 6384.65 5212.81 19208.14 16416.42
Operating Profit 362.36 (362.20) 936.54 (590.51)
PAT (` Cr) 617.28 -23.69 1864.96 454.71
ICR (%) 82.82 95.61 85.89 93.27
Combined Ratio (%) 109.13 123.95 110.81 121.16
Adjusted Combined Ratio (%) 92.85 108.21 93.18 104.08
Return on Equity (Annualised) 17.51 (0.82) 18.34 5.40
Solvency Ratio (Times) 2.39 2.17 2.39 2.17

Leave a Reply

Your email address will not be published. Required fields are marked *