![New India doubles its net profit to Rs 354 cr in Q4FY24](https://www.psuconnect.in/sdsdsd/niacl1.jpg)
State-owned New India Assurance (NIA) has recorded a doubled net profit of Rs 354 crore in the Jan-Mar quarter of FY24, with improved asset quality. The board of NIA, has also declared a dividend of over 40 per cent at Rs 2.06 per equity share of Rs 5 for FY24.
The country’s largest multinational general insurer, which has been following a strategy of boosting profitability by off-taking losses, has recorded a higher premium of Rs 10,625 crore in the reporting quarter as compared to Rs 10,434 crore in the year-ago period.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY
The investment income of the company has gone up by almost 19 percent to Rs 2663 crore in the last quarter of FY 24 over Rs 2243 crore in the corresponding quarter of FY23. The solvency margin of the company also fallen to 1.81 in FY 24 from 1.87 in FY 23.
Commenting on the results, Titus Francis, the executive director said, “NIA has delivered excellent results in FY24 despite the adverse impact of several catastrophic claims during the year. It recorded a 128 percent growth in its net profit in Q4. Even on individual lines, Motor's third-party loss ratio saw an increase as there was no premium increase during the year. This was marginally offset by the decline in the loss ratio of the Motor Own Damage segment where price corrections were factored. The health segment loss ratio remains elevated and corrective steps are being taken. Other lines did reasonably well. ‘’
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsThe net worth of the insurance company increased by 15 percent to Rs. 44,704 crore in FY24. The company’s premium in FY 24 grew by 8.3 percent to Rs 41,996 crore and profit after tax increased by 7 percent to Rs.1,129 crore during year.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh