New India Assurance Q4 profit stays flat at Rs 347 cr FY25 gross written premium hits record

New Delhi, May 19 (PTI) New India Assurance on Monday reported an about 2 per cent drop in net profit at Rs 347 crore in the fourth quarter ended March 2025.
     The public sector general insurance company had a net profit of Rs 354 crore in the March quarter of 2023-24 fiscal, according to a regulatory filing.
     Total income, however, rose to Rs 10,966 crore in the latest fourth quarter, up from Rs 10,849 crore in the Q4 of FY24.
     For the full 2024-25 fiscal, New India Assurance reported a 12.49 per cent drop in net profit at Rs 988 crore. In FY24, the net profit was Rs 1,129 crore.
     As per the investor presentation, in FY26 New India Assurance plans to launch innovative products with focus on retail and MSME. The insurer also plans to enter into parametric insurance and emphasise on growth in segments other than motor and health where competitive intensity is high.
     New India Assurance CMD Girija Subramanian said the insurer has achieved an all-time high Gross Written Premium (GWP) of Rs 43,618 crore in FY25, reflecting a growth of 3.86 per cent despite challenging market conditions.
     "The company made a provision of Rs 802 crore towards legacy non-moving reinsurance balances, which has also impacted the reported Profit After Tax and Return on Equity (ROE) in FY25, adjusted for which the YoY results have been excellent. Our focus in FY26 will remain on further enhancing profitability, with a strong emphasis on launching innovative products aimed at the retail and MSME segments," Subramanian said.
     Shares of New India Assurance settled at Rs 181.25, up 1.31 per cent from previous closing level on BSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)