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New India Assurance Q3 results: Net profit rises 6% to Rs 524 cr

NEW DELHI: The on Friday posted a 5.9 per cent rise in consolidated web revenue at Rs 523.89 crore for the third quarter ended December 2020.

It had registered a web revenue of Rs 494.88 crore in the identical quarter a 12 months in the past.

The final insurer additionally reported a 4.Three per cent improve in complete earnings at Rs 7,982.74 crore in Q3 of 2020-21 as in opposition to Rs 7,652.59 crore in the identical interval of 2019-20, it stated in a regulatory submitting.

Gross premium written throughout the reported quarter rose to Rs 7,889.38 crore as in opposition to Rs 7,045.66 crore earlier.

Nonetheless, underwriting losses widened to Rs 1,025.59 crore from Rs 916.08 crore.

Underwriting losses mirror that premium collected by an insurer had been decrease than bills incurred and claims paid out.

The New India Assurance Co stated it made provisions for uncertain money owed (together with unhealthy money owed written off) to the tune of Rs 142.44 crore for Q3 FY21, up from Rs 36.12 crore provision within the year-ago quarter.

Nonetheless, complete bills of the corporate got here right down to Rs 180.82 crore within the quarter from Rs 712.80 crore.

The corporate stated it managed to file progress throughout the quarter regardless of the affect of COVID-19 and has consolidated its market share to 14.64 per cent from 14.57 per cent 12 months in the past, and continues to be the market chief by a large margin.

“The corporate has grown sooner than the business and elevated its market share…The expansion has been accompanied by wholesome working metrices with mixed ratio declining from 116.37 per cent in 9 month of FY20 to 109.62 per cent in 9M FY21,” stated Atul Sahai, the corporate’s chairman and managing director.

He additional stated the funding earnings of the corporate for the quarter was about 25 per cent decrease than the year-ago interval on account of poor market circumstances within the preliminary a part of the monetary 12 months.

“The worker price is considerably larger on account of provisions in direction of worker retirement advantages. Efficient tax charge was additionally larger as among the provisions had been disallowed for earnings tax functions.

“It’s heartening to notice that the improved working efficiency was in a position to greater than offset these hostile impacts and the corporate was nonetheless in a position to ship a wholesome progress in income,” Sahai stated.

Inventory of the corporate closed 3.43 per cent up at Rs 137.15 apiece on BSE.

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