New India Assurance Company Limited announced its quarterly results on August 13, 2020. Gross premiums written grew by 6.5% yoy to Rs8,368.37cr in Q1FY21 from Rs7,860.64cr in Q1FY20.
Operating profit for Q1FY21 stood at Rs215.07cr which increased by 324.6% yoy, as against operating loss of Rs95.75cr inQ1FY20. Profit after tax stood at Rs286.47cr for the quarter ending June 2020. It grew by 3% yoy as compared to Rs 278.1cr it reported in Q1FY20.
Solvency ratio of the company remained healthy at 2.11x in Q1FY21 as against 2.13x in Q1FY20. The combined ratio improved by 14.14% yoy to 102.14% in Q1FY21, as against 116.28% in Q1FY20.
Domestic market share of company improved to 19.11% from 17.38% during the same quarter last year and the company continues to be the market leader.
The share closed at Rs116.15 with decline of 0.98% in today’s session on BSE.
|
Particulars |
Q1FY21 (Rs in cr) |
Q1FY20 (Rs in cr) |
% VAR |
|
Gross Premium |
8,368.37 |
7,860.64 |
6.50 |
|
Operating Profit/(Loss) |
215.07 |
(95.75) |
324.6 |
|
PAT |
286.47 |
278.10 |
3.01 |
|
Combined Ratio (%) |
102.14 |
116.28 |
-14.14 |
|
Solvency Ratio(x) |
2.11 |
2.13 |
-0.02 |
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