AM Best has assigned the India National Scale Rating (NSR) of aaa.IN (Exceptional) and has affirmed the Financial Strength Rating of B++(Good) and the Long-Term Issuer Credit Rating of bbb+ (Good) to The New India Assurance Company . The outlook of these credit ratings is Stable. The ratings reflect the Company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favourable business profile and marginal enterprise risk management (ERM).Powered by Capital Market - Live

The New India Assurance Co at its meeting held today i.e Wednesday, 11 December, 2024 has approved investment of Rs.5 crore being Company's contribution as non-life Insurer in the equity share capital of Bima Sugam India Federation. The Board has also approved an aggregate investment (including the above) not exceeding 10% of the paid up equity share capital of Bima Sugam India Federation subject to commensurate increase in the authorized share capital of Bima Sugam India Federation (Bima Sugam). Powered by Capital Market - Live

'Income Tax Department has passed various orders (giving effect to the Commissioner of Income Tax (Appeals) orders) for Assessment Year 2013-14, 2014-15, 2015-16, 2016-17, 2017-18, 2018- 19 and 2019-20 ruling in favour of the company, thereby resulting in cumulative refund of Rs 1945.08 crore (including total interest of Rs 489.22 crore),' the general insurer said in the exchange filing. The company added that it is pursuing with the Income Tax Authorities to release the above amounts at the earliest. The New India Assurance Company is the largest non-life insurance company in India, headquartered in Mumbai and operating in 28 countries. The company reported consolidated net profit of Rs 73.56 crore in Q2 FY25 as compared with net loss of Rs 195.32 crore in Q2 FY24. However, total income increased 2.51% YoY to Rs 10,134.53 crore in the second quarter of FY25. Powered by Capital Market - Live

However, total income increased 2.51% year on year (YoY) to Rs 10,134.53 crore in second quarter of FY25. Profit before tax stood at Rs 140.75 crore in September 2024 quarter as against pre-tax loss of Rs 241.99 crore posted in same quarter last year. For the quarter ended September 2024, the gross written premium was at Rs 9,701.71 crore, up 2.22% on YoY basis. Net written premium was at Rs 8,113.87 crore in Q2 of FY25, registering a growth of 2.18% compared to Rs 7940.65 crore posted in same period a year ago. On half year basis, the company's net profit spiked 335.57% to Rs 306.38 crore on 4.07% rise in total income to Rs 19,999.82 crore in H1 FY25 over H1 FY24. Commenting on the Q2 result, Girija Subramanian, CMD said, While the premium growth in the first half has been muted, it was a conscious decision to focus on lines with better profitability which led to the company letting go of a few large renewals where premiums were inadequate. It gives me immense satisfaction that the operating metrics have improved, with loss ratio as well as combined ratio being lower than the same period last year with profit after tax showing a 5x increase. The loss ratio of Health line of business has witnessed some improvement but the loss ratio in Motor line of business has increased due to lack of price increase in the Motor Third Party line of business. Net catastrophic losses in H1 FY25 were around Rs 248 crore. Solvency ratio at 1.81 times remains comfortably above the IRDAI mandated control level solvency margin. The competitive intensity in traditional lines remains high and the company will focus on other segments and channels to drive growth. The company expects the profitability trend to improve in the coming quarters. The New India Assurance Company is the largest non-life insurance company in India headquartered at Mumbai and operates in 28 countries.Powered by Capital Market - Live

Net profit of New India Assurance Company reported to Rs 89.70 crore in the quarter ended September 2024 as against net loss of Rs 176.13 crore during the previous quarter ended September 2023. Sales rose 3.91% to Rs 8567.30 crore in the quarter ended September 2024 as against Rs 8245.13 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales8567.308245.13 4 OPM %1.64-2.99 - PBDT140.75-241.99 LP PBT140.75-241.99 LP NP89.70-176.13 LP Powered by Capital Market - Live

Net profit of New India Assurance Company reported to Rs 71.00 crore in the quarter ended September 2024 as against net loss of Rs 199.99 crore during the previous quarter ended September 2023. Sales rose 3.89% to Rs 8525.48 crore in the quarter ended September 2024 as against Rs 8205.90 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales8525.488205.90 4 OPM %1.55-3.17 - PBDT136.70-254.41 LP PBT136.70-254.41 LP NP71.00-199.99 LP Powered by Capital Market - Live

New India Assurance Company will hold a meeting of the Board of Directors of the Company on 30 October 2024.Powered by Capital Market - Live

New India Assurance Company announced that the Annual General Meeting (AGM) of the company will be held on 24 September 2024.Powered by Capital Market - Live

Total income rose 5.71% year on year (YoY) to Rs 9,865.29 crore in the quarter ended 30 June 2024. Consolidated profit before tax stood at Rs 272.09 crore in June 2024 quarter, down 14.38% from Rs 317.80 crore in same quarter last year. For the quarter ended 30 June 2024, the gross written premium was at Rs 1,188 crore, up 3.43% on YoY basis. Net written premium was at Rs 9,630.09 crore in first quarter of FY25, registering a growth of 4.08% compared to same period a year ago. Commenting on the Q1 result, Girija Subramanian, CMD said: 'The gross written premium growth was muted at 3.74% as the company continued to rationalise its portfolio mix, in favour of lines where profitability is better. The incurred claim ratio was impacted by elevated loss ratio in the Motor segment, especially in the Motor third party segment where no premium increase has been notified yet. Health segment loss ratio was adversely impacted by the government business segment which saw higher incurred claims, primarily due to seasonal factors, and this segment should see improved performance going ahead. Other segments performed well. The net worth of the company has increased from 44,704 Cr in March 2024 to 47,703 Cr in June 2024. Going forward, the company will be focusing on the retail segment and better performance can be expected in the coming quarters.' The New India Assurance Company is the largest non-life insurance company in India headquartered at Mumbai and operates in 28 countries. Powered by Capital Market - Live

Net profit of New India Assurance Company declined 8.04% to Rs 239.31 crore in the quarter ended June 2024 as against Rs 260.23 crore during the previous quarter ended June 2023. Sales rose 7.22% to Rs 8547.37 crore in the quarter ended June 2024 as against Rs 7971.44 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales8547.377971.44 7 OPM %3.154.30 - PBDT272.09317.80 -14 PBT272.09317.80 -14 NP239.31260.23 -8 Powered by Capital Market - Live