Money & Banking

New India Assurance posts ₹127-crore net profit in Q4

Our Bureau Mumbai | Updated on July 01, 2020

Atul Sahai, Chairman and Managing Director, New India Assurance Co Ltd.

State-run general insurer New India Assurance reported a net profit of ₹126.6 crore for the fourth quarter of 2019-20, compared to a net loss of ₹270.54 crore in the same period a year ago.

Its total income grew 7 per cent to ₹7,040.23 crore in the January to March 2020 quarter from ₹6,570.11 crore in the same period a year ago, the company said in a regulatory filing on Tuesday.

In 2019-20, its net profit more than doubled to ₹1,417.75 crore, compared to ₹579.79 crore in 2018-19.

“This exceptional performance wouldn’t have been possible without the hard work and support of each one of you. Let us continue to put in our best efforts to deliver exceptional results in FY 2020-21 focusing on further reduction of ICR and combined ratios,” said Atul Sahai, Chairman and Managing Director, New India Assurance, in a message to employees.

The general insurer’s solvency ratio remained at a healthy 2.11x.

Its shares were trading at ₹120.75, up 3.47 per cent from its last closing, in early morning trade on the BSE on Wednesday.

Published on July 01, 2020

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