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New India Assurance net profit slumped due to massive operating loss in health insurance segment

State-owned and listed insurer, the New India Assurance Company Ltd ended FY22 with a net profit of Rs 164.27 crore, down from Rs 1,604.69 crore recorded during FY21.



The company’s solvency margin also declined to 1.66 times at the end of FY22, from 2.13 times at the end of FY21.

In the year under review, The New India had registered gross premium of Rs 36,834.61 crore versus Rs 33,046.41 crore earned in FY21.

While all other industries showed corporate profits – including the engine – the company’s profits were weighed down by the massive loss of business in the health insurance segment.

In the last fiscal year, the operating loss under the health insurance segment was Rs 4,843.93 crore, against Rs 1,459.97 crore recorded during FY21.

Incidentally, the company’s crop insurance business made an operating profit of Rs 214.82 crore last year, down from a loss of Rs 296.08 crore in FY21.

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Shreya Christinahttps://businesstraverse.com
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