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General Insurance company The New India Assurance Company announced Q1FY24 results:
- The Gross Written Premium increased by 9.8% compared to Q1FY23. The Company continues to focus on improving the business mix by shedding businesses where premiums are inadequate and may impact its bottom line. The company maintained its market leadership in India with a market share of 16.2%.
- The premium growth was driven by the Motor line of business which grew by 21.8%. After several years of muted growth, it is heartening to see the segment reporting healthy premium growth.
- The combined ratio for Q1FY24 improved to 115.5% compared to 117.2% for Q1FY23.
- The Profit After Tax more than doubled to Rs 260 crore versus Rs 119 crore for Q1FY23 registering a growth of 118.5%.
- The solvency ratio remained healthy at 1.85x.
- The net worth was Rs 41,255 crore and the investment assets were Rs 90,152 crore as of June 30, 2023.
- The underwriting results for Q1FY24 were adversely impacted due to a higher claim ratio in the foreign operations. The loss ratios in the domestic health and motor lines of business also remain elevated, but we are confident that the corrective steps being taken currently will reflect in the results in the ensuing periods.
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