The New India Assurance Company (NIACL) Q3 25/26 earnings summary

Executive summary

• Global Gross Written Premium grew by 10.5% for the nine-month period ended December 31, 2025, with domestic premium growth outpacing the industry and market share rising to 13.4% from 12.8% year-over-year.

• Profit Before Tax (PBT) increased by 215% for Q3FY26 and 62% for the nine-month period, driven by improved claim ratios and strong investment income despite one-time wage revision costs.

• Maintained leadership in India's non-life insurance market with a pan-India and overseas presence, supported by strong balance sheet, net worth, general reserves, and a solvency ratio of 1.81, above the regulatory minimum.

• AM Best upgraded the outlook to positive, reaffirming financial strength and credit ratings, citing improved risk management and internal controls.

• Strategic focus on risk-weighted growth, underwriting discipline, claims efficiency, technology adoption, and capital strength.

Financial highlights

• Q3 FY26 gross written premium was INR 11,680 crore (standalone), up 8.37% YoY; consolidated GWP was INR 11,76,283 lakhs; net profit after tax was INR 372 crore (standalone), up from INR 353 crore.

• For 9M FY26, gross written premium reached INR 35,555 crore, up 10.5% YoY; net profit after tax was INR 826 crore.

• Investment income for Q3 was INR 2,280 crore, with INR 1,080 crore from capital gains; for 9M FY26, investment income was INR 8,599 crore, with capital gains of INR 4,316 crore.

• Underwriting loss for Q3 was INR 1,736 crore, mainly due to wage revision provisions.

• Combined ratio improved to 117.98% in Q3FY26 from 139.77% in Q3FY25; incurred claim ratio improved to 90.77% from 94.49% YoY.

Outlook and guidance

• Management expects continued focus on disciplined underwriting, operational efficiency, and customer-centric initiatives to support stable performance and growth momentum.

• Growth in motor segment expected to recover in coming quarters as portfolio restructuring stabilizes.

• Health segment loss ratio targeted at 98-100%; motor at 103-104%.

• ROE improvement targeted through further reduction in incurred claim ratio.