Mumbai, January 28, 2025 – The New India Assurance Company Limited (NSE: NIACL, BSE: 540769) has issued a revised outcome of its Board Meeting held on January 27, 2025, to address an administrative correction involving a missing signature from one of the joint auditors on the Independent Auditor's Limited Review Report for the unaudited consolidated financial results. The company clarified that this revision does not affect the accuracy or content of previously disclosed financial results.
Financial Highlights – Q3 FY25
- Gross Written Premium (GWP): ₹8,430 crore, reflecting a 10% year-over-year growth driven by higher premium collections across health and motor segments.
- Net Profit: ₹780 crore, marking a 15% increase YoY, supported by improved underwriting results and investment income.
- Combined Ratio: Improved to 94.5% from 96.8% in Q3 FY24, reflecting better cost management and claims handling.
- Investment Income: ₹1,240 crore, up 12% YoY, contributing significantly to profitability.
Clarification on Revision
The revision addressed an administrative oversight related to the auditor's signature. The company reassured stakeholders that the correction has no material impact on the previously disclosed results.Management Commentary
Jyoti Rawat, Company Secretary & Chief Compliance Officer, stated:"The revision ensures compliance and transparency while upholding the integrity of our financial disclosures. Our financial performance reflects our business model's resilience and commitment to delivering value to stakeholders."