New India Assurance Q4 net profits more than doubles to Rs240cr on 15% growth in net premium

New India Assurance Ltd reported 21.67% yoy rise in consolidated net revenues for the Mar-21 quarter at Rs8,600cr

Jun 07, 2021 10:06 IST India Infoline News Service

New India Assurance
New India Assurance Ltd reported 21.67% yoy rise in consolidated net revenues for the Mar-21 quarter at Rs8,600cr. On a sequential basis, net sales revenues were up 7.74% compared to total revenues in the Dec-20 quarter at Rs7,983cr.

Full year revenues for FY21 were 9.2% higher yoy at Rs30,785cr. The net premium income for the fourth quarter was up by 15.9% at Rs7,291cr for Mar-21 quarter. Net premiums for FY21 grew 10.12% at Rs26,966cr.

Net profits for the quarter were up 111.82% for the Mar-21 quarter at Rs239.93cr. On a sequential basis, the profits were down -54.2% compared to higher profits of Rs.523.89cr in the Dec-20 quarter. For the fourth quarter, PBT was up by 139% at Rs335cr.

For the full year FY21, operating profits increased by 69.2% at Rs699cr. The solvency ratio also improved marginally from 2.11X to 2.13X. The net worth of the company during the year surged by 40% at Rs36,451cr. The combined ratio was slightly lower at 113.28%.


Financial highlights for Mar-21 compared yoy and sequentially


New India Assurance
Rs in Crore Mar-21 Mar-20 YOY Dec-20 QOQ
Total Income (Rs cr) ₹ 8,600.29 ₹ 7,068.43 21.67% ₹ 7,982.74 7.74%
Net Profit (Rs cr) ₹ 239.93 ₹ 113.27 111.82% ₹ 523.89 -54.20%
Diluted EPS (Rs) ₹ 1.41 ₹ 0.72 ₹ 3.19
Net Margins 2.79% 1.60% 6.56%

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