The New India Assurance Company Ltd on Friday reported a 4.5% fall in net profit to ₹715 crore for the quarter ended in December 2023 due to underwriting losses. The company had a net profit of ₹749 crore in the same quarter a year ago.
Gross premium written during the reported quarter rose to ₹10,665 crore in the quarter as against ₹9,243 crore in the year-ago quarter.
However, underwriting losses widened to ₹1,390 crore from ₹s 1,100 crore. Underwriting losses reflect that premiums collected by an insurer were lower than expenses incurred and claims paid out.
Total expenses of the company also increased to ₹10,337 crore in the quarter from ₹8,962 crore in the corresponding period of the previous fiscal.
