New India Assurance Underwriting Performance Improves by 15 percent

New India Assurance, in its half yearly outcomes for FY22 reported enchancment in underwriting efficiency by 15%.

The gross written premium (GWP) for the half yr ended 30^th September 2022 noticed a progress of 1.90% in comparison with the identical interval final yr. It is noteworthy that the expansion was achieved regardless of a considerable quantum of premium in Crop & Government line of enterprise not renewed within the present yr as in comparison with the earlier yr.

The firm’s solvency margin improved to 1.77x as on 30^th September 2022 compared to 1.66x as on 31^st March 2022.

The firm’s (*15*) ratio improved to 117.06% within the first half of the present monetary yr as in comparison with 120.66% for the yr ended 31^st March 2022.

The firm was in a position to report a revenue regardless of recognizing the 5-year influence of wage arrears and wage revision of about Rs. 2,600 crore as extra liabilities through the present quarter.

Commenting on the outcomes Mrs Neerja Kapur, Chairman cum Managing Director stated, “The firm is continuous to pursue its strategic path of continued progress with profitability which led to the corporate shedding some unprofitable enterprise. Our emphasis is on enchancment in backside line & solvency ratio.”

About New India Assurance Company Limited

The New India Assurance Company Ltd. is the biggest Non-Life Insurance Company in India headquartered at Mumbai and operates in 26 nations.

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