INVC NEWS

New Delhi,

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. 1,865 crore from Rs. 455 crore

·         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. 617 crore compared 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”.

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