New India Assurance Q3 Profit Down 5% to Rs 715 Cr
By Rediff Money Desk, NEWDELHI Feb 09, 2024 22:15
New India Assurance's Q3 profit fell 5% to Rs 715 crore due to underwriting losses. Total income rose to Rs 10,630 crore, while gross premium written increased to Rs 10,665 crore.
New Delhi, Feb 9 (PTI) The New India Assurance Company Ltd on Friday reported a 4.5 per cent fall in net profit to Rs 715 crore for the quarter ended in December 2023 due to underwriting losses.
The company had a net profit of Rs 749 crore in the same quarter a year ago.
The general insurer's total income rose to Rs 10,630 crore in the third quarter of 2023-24 from Rs 9,746 crore in the same period a year ago, New India Assurance said in a regulatory filing.
Gross premium written during the reported quarter rose to Rs 10,665 crore in the quarter as against Rs 9,243 crore in the year-ago quarter.
However, underwriting losses widened to Rs 1,390 crore from Rs 1,100 crore. Underwriting losses reflect that premiums collected by an insurer were lower than expenses incurred and claims paid out.
Total expenses of the company also increased to Rs 10,337 crore in the quarter from Rs 8,962 crore in the corresponding period of the previous fiscal.
The company had a net profit of Rs 749 crore in the same quarter a year ago.
The general insurer's total income rose to Rs 10,630 crore in the third quarter of 2023-24 from Rs 9,746 crore in the same period a year ago, New India Assurance said in a regulatory filing.
Gross premium written during the reported quarter rose to Rs 10,665 crore in the quarter as against Rs 9,243 crore in the year-ago quarter.
However, underwriting losses widened to Rs 1,390 crore from Rs 1,100 crore. Underwriting losses reflect that premiums collected by an insurer were lower than expenses incurred and claims paid out.
Total expenses of the company also increased to Rs 10,337 crore in the quarter from Rs 8,962 crore in the corresponding period of the previous fiscal.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.79 (+ 9.72)
- 60211179
- Thinkink Picturez
- 1.85 (+ 4.52)
- 56806760
- Vodafone Idea L
- 8.12 (+ 0.50)
- 48801033
- GTL Infrastructure
- 2.32 (+ 9.95)
- 37724252
- Standard Capital
- 0.99 (+ 1.02)
- 29317005
MORE NEWS
FinMin Asks Banks to Use MuleHunterAI for Fraud...
India's Finance Ministry urges banks to utilize MuleHunterAI, an AI tool developed by...
Mobikwik IPO: Price Band, Dates & Details
Mobikwik IPO opens on Dec 11 at Rs 265-279 per share. Learn about the IPO size, key...
Sebi Regulates Association with Prohibited...
Sebi proposes new rules to regulate associations between market intermediaries and...