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Gross premiums written for the quarter reached ₹10,85,963 cr, marking a 2.4% growth year-over-year. This growth was tempered as the company opted not to renew certain large accounts with inadequate premiums. Net premium written totaled ₹8,96,518 cr, with net premiums earned at ₹9,07,033 cr.
The company reported a profit after tax of ₹64,143 cr for the quarter. The incurred claim ratio improved from 98.07% to 97.38%, although challenges in the motor segment persisted due to a lack of price adjustments within the Motor Third Party line. Operating expenses increased slightly, leading to a combined ratio of 119.08%, down from 120.34% a year prior. For the quarter, the combined ratio was more favorable at 116.33%.
The solvency ratio saw a positive shift, rising from 1.81x in September 2024 to 1.90x in December 2024. The renewal of a key government health scheme in Rajasthan, covering around 1.3 cr families with a premium hike of about 20%, is anticipated to bolster growth momentum.
Investor Insight: Given the improved financial metrics and strategic actions taken, the stock appears positioned for potential upward momentum, meriting a buy stance for retail investors focused on medium to long-term growth opportunities.
All announcements from The New India Assurance Company Limited