The New India Assurance Company (NIACL) Q3 24/25 earnings summary

Executive summary

• Maintained market leadership in Indian general insurance with a 12.8% share and presence in 25 countries, leveraging over 106 years of experience.

• Profit after tax for the nine months ended December 2024 was ₹641 crore, down 17.28% year-over-year, mainly due to weaker equity markets and selective non-renewal of large, low-premium accounts.

• Gross written premium grew 2.42% year-over-year to ₹32,186 crore, with net earned premium at ₹26,061 crore.

• Renewed the Rajasthan Government Health Scheme with a 20% per-family premium increase, covering 1.3 crore families from February 2025.

• Emphasized digital transformation, launching new products and expanding partnerships with platforms like PhonePe and WhatsApp.

Financial highlights

• Gross written premium reached ₹32,186 crore, with net earned premium at ₹26,061 crore for the nine months ended December 31, 2024.

• Profit after tax for the period was ₹641 crore, down from ₹775 crore year-over-year.

• Net worth (including fair value changes) increased to ₹46,506 crore from ₹44,704 crore in March 2024.

• Investment assets stood at ₹97,690 crore, with 17% in equities and 76% in government and state bonds.

• Technical reserves rose to ₹52,536 crore as of Q3 FY 2024-25.

Outlook and guidance

• Management anticipates a robust recovery in Q4 FY25, driven by property insurance and continued underwriting discipline.

• Ongoing focus on optimizing business mix, especially in motor and corporate health, and improving operational efficiency.

• Expectation of further premium increases in Fire and Motor TP segments, with ongoing regulatory dialogue for Motor TP price hikes.

• Growth momentum expected to improve, with premium hardening in property segment and digital penetration as a strategic priority.