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NEW DELHI: The New India Assurance Co Ltd () on Monday reported a 90.6 per cent jump in net profit at Rs 241 crore for the last quarter of the fiscal ended March 2021.
NICAL, the market leader in non-life insurance business in India, had reported a net profit of Rs 127 crore in the same quarter of 2019-20.
Net premium grew by 15.9 per cent year-on-year to Rs 7,291 crore in Q4 FY21 as against Rs 6,289 crore earlier, the insurer said in a regulatory filing.
The gross premium written during the reported quarter grew to Rs 9,070 crore as against Rs 8,145 crore.
For the full fiscal year FY21, company's net profit grew by 13.2 per cent to Rs 1,605 crore. Net premium jumped 10.12 per cent to Rs 26,966 crore.
The insurer said its net worth surged by 40 per cent to Rs 36,451 crore.
"FY21 was a challenging year. Apart from Covid-19 pandemic related issues at the beginning as well as towards the end of the year, the industry also witnessed a few catastrophe events as well. However, the company was able to put up a resilient performance.
"Indian business grew by 6.2 per cent versus industry growth of 5.2 per cent and increased its market share to 14.33 per cent," Atul Sahai, chairman and managing director, NIACL said.
The board of directors approved the nomination of Sunil Kumar Singh, deputy general manager, as the chief underwriting officer of the company with effect from March 12, 2021.
"This was approved in the board meeting held on June 7, 2021," it added.
C S Ayyappan, deputy general manager, has been approved as the chief risk officer by the board, it added.
Stock of NICAL closed 1.44 per cent up at Rs 176.70 apiece on BSE. PTI KPM
NICAL, the market leader in non-life insurance business in India, had reported a net profit of Rs 127 crore in the same quarter of 2019-20.
Net premium grew by 15.9 per cent year-on-year to Rs 7,291 crore in Q4 FY21 as against Rs 6,289 crore earlier, the insurer said in a regulatory filing.
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Stock score of New India Assurance Company Ltd moved up by 1 in a week.
View Latest Stock Report »The gross premium written during the reported quarter grew to Rs 9,070 crore as against Rs 8,145 crore.
For the full fiscal year FY21, company's net profit grew by 13.2 per cent to Rs 1,605 crore. Net premium jumped 10.12 per cent to Rs 26,966 crore.
The insurer said its net worth surged by 40 per cent to Rs 36,451 crore.
"FY21 was a challenging year. Apart from Covid-19 pandemic related issues at the beginning as well as towards the end of the year, the industry also witnessed a few catastrophe events as well. However, the company was able to put up a resilient performance.
"Indian business grew by 6.2 per cent versus industry growth of 5.2 per cent and increased its market share to 14.33 per cent," Atul Sahai, chairman and managing director, NIACL said.
The board of directors approved the nomination of Sunil Kumar Singh, deputy general manager, as the chief underwriting officer of the company with effect from March 12, 2021.
"This was approved in the board meeting held on June 7, 2021," it added.
C S Ayyappan, deputy general manager, has been approved as the chief risk officer by the board, it added.
Stock of NICAL closed 1.44 per cent up at Rs 176.70 apiece on BSE. PTI KPM
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