State-run New India Assurance registered a 68.9 per cent drop in its standalone net profit at ₹89.22 crore in the first quarter of the fiscal as against a net profit of ₹286.47 crore in the same period in 2020-21. For the quarter ended June 30, 2021, New India Assurance reported a 16.1 per cent jump in gross premiums written to ₹9,717.9 crore as against ₹8,368.37 crore a year ago.
Noting that the second wave of the pandemic was at its peak in the first quarter of the fiscal, Atul Sahai, CMD, New India Assurance said the insurer paid about ₹1,205 crore as Covid-19 related health claims. “The spurt in health loss ratio impacted the overall numbers though it was partially offset by better performance by the remaining lines,” he said, adding that adjusted for the Covid-19 related claims, the company has performed well in all operating parameters.
The general insurer’s incurred claim ratio rose to 92.91 per cent in the first quarter of the fiscal as against 66.28 per cent a year ago.
Solvency ratio was 2.00x as on June 30, 2021 from 2.11x a year ago.