– Company continues to pursue path of continued growth with profitability
Chennai, 16th November 2022: New India Assurance, in its half yearly results for FY22 reported improvement in underwriting performance by 15%.
The gross written premium (GWP) for the half year ended 30th September 2022 saw a growth of 1.90% compared to the same period last year. It is noteworthy that the growth was achieved despite a substantial quantum of premium in Crop & Government line of business not renewed in the current year as compared to the previous year.
The company’s solvency margin improved to 1.77x as on 30th September 2022 in comparison to 1.66x as on 31st March 2022.
The company’s Combined ratio improved to 117.06% in the first half of the current financial year as compared to 120.66% for the year ended 31st March 2022.
The company was able to report a profit despite recognizing the 5-year impact of wage arrears and wage revision of about Rs. 2,600 crore as additional liabilities during the current quarter.
Commenting on the results Mrs Neerja Kapur, Chairman cum Managing Director said, “The company is continuing to pursue its strategic path of continued growth with profitability which led to the company shedding some unprofitable business. Our emphasis is on improvement in bottom line & solvency ratio.”