Latest news with #NewIndiaAssuranceCompany
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Business Standard
12 hours ago
- Business
- Business Standard
Strong Q1 results, guidance lift New India Assurance shares by 18%
Shares of state-owned New India Assurance Company, the largest non-life insurer, jumped almost 18 per cent on Wednesday, aided by strong quarterly earnings and guidance from the management. The shares of New India rose by 20 per cent during the day and closed 17.7 per cent up at Rs 204.6. The insurer recorded 80 per cent year-on-year (Y-o-Y) growth in net profit to Rs 391 crore in the April–June quarter of FY26 (Q1FY26), compared to Rs 217 crore in Q1FY25. Its gross written premium grew by 13.11 per cent Y-o-Y to Rs 13,334 crore, while investment income rose by 23.7 per cent Y-o-Y to Rs 2,290 crore. On the other hand, expenses declined by 10.25 per cent Y-o-Y to Rs 11,125.01 crore. However, the loss in the Air India crash dragged the underwriting losses to Rs 1,756 crore, up from Rs 1,588 crore in Q1FY25. The company plans to focus on strengthening profitability, with a strong emphasis on launching innovative products aimed at the retail and micro, small and medium enterprise (MSME) segments. During the post-earnings analyst call, the management said it aspires to achieve a 3 per cent lower combined ratio, targeting around 113 per cent in FY26. The market share of the general insurer also increased to 15.51 per cent in Q1FY26 from 14.65 per cent in Q1FY25, according to General Insurance Council data. 'The healthy growth rate in domestic business was despite lower growth in motor vehicles, where we have taken a more cautious approach considering the current competitive intensity. The combined ratio at 116.16 per cent was stable compared to the same period last year. The unfortunate incident involving the Air India flight had an adverse impact on the underwriting results. The health segment witnessed a slightly higher loss ratio, and some large losses impacted the liability and miscellaneous portfolio as well. Some more provisions were made towards legacy non-moving balances, which were offset by a healthy investment income,' said Girija Subramanian, chairperson and managing director, New India Assurance.
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Business Standard
17 hours ago
- Business
- Business Standard
New India Assurance shares jump 15% post Q1 earnings; details here
New India Assurance share price today: Shares of insurance player, New India Assurance Company, jumped over 15 per cent on Wednesday, July 30, 2025, hitting an intraday high of ₹202.50 per share. On Wednesday, shares of New India Assurance closed at ₹202.62, up 16.77 per cent on the National Stock Exchange. In comparison, Nifty50 settled at 24,855.05, up by 0.14 per cent or 33 points. Around 82 million shares had changed hands on the counter, cumulatively, on the NSE and BSE. Why New India Assurance shares were buzzing in trade today? The heavy buying on the counter came after the insurance company released its earnings for the first quarter of the financial year 2025-2026 (Q1FY26). The company's profit after tax (PAT) for the quarter ended June 30, 2025, experienced a double-digit rise of over 68 per cent to ₹392 crore as against ₹232 crore reported in the corresponding quarter of the previous fiscal year. The company's gross written premium (GWP) increased 13 per cent to ₹13,334 crore from ₹11,788 crore recorded in the year-ago period. The insurance player's combined ratio for the quarter remained largely flat at 116.16 per cent in Q1FY26, slightly up from 116.13 per cent recorded in the same period of the last financial year. New India Assurance's overall assets under management (AUM) for the quarter under review stood at ₹1.008 trillion, up from ₹98,769 crore recorded in the same period of the last financial year. "Our market share as per the GI council statistics for the period increased from 14.65 per cent to 15.51 per cent. The healthy growth rate in domestic business was despite a lower growth in Motor LOB, where we have taken a more cautious approach considering the current competitive intensity," said Girija Subramanian, chairperson and managing director of the company. "Our focus for the remainder of FY26 will remain on further enhancing profitability, with a strong emphasis on launching innovative products aimed at the retail and MSME segments," she added. About New India Assurance Company The New India Assurance Company Ltd. is the largest general insurance company in India in terms of net worth, domestic gross direct premium and number of branches. The company was initially incorporated on July 23, 1919, in Mumbai, Maharashtra, India. It offers a diversified portfolio of insurance products, including fire insurance, marine insurance, motor insurance, crop insurance and health insurance.
Business Standard
a day ago
- Business
- Business Standard
New India Assurance Company consolidated net profit rises 67.29% in the June 2025 quarter
Sales rise 10.26% to Rs 9423.99 crore Net profit of New India Assurance Company rose 67.29% to Rs 400.33 crore in the quarter ended June 2025 as against Rs 239.31 crore during the previous quarter ended June 2024. Sales rose 10.26% to Rs 9423.99 crore in the quarter ended June 2025 as against Rs 8547.37 crore during the previous quarter ended June 2024. Particulars Quarter Ended Jun. 2025 Jun. 2024 % Var. Sales 9423.998547.37 10 OPM % 2.013.15 - PBDT 391.13272.09 44 PBT 391.13272.09 44 NP 400.33239.31 67
Hans India
09-07-2025
- General
- Hans India
Rs 10L insurance handed over to deceased NRT's family
Tadepalli: The Andhra Pradesh government is steadfast in its commitment to support Non-Resident Telugus (NRTs) wherever they may be in the world, stated Minister for MSME, SERP, NRI Empowerment and Relations, Kondapalli Srinivas. Speaking at a programme held at APNRTS office here on Tuesday, he affirmed that the Andhra Pradesh Non-Resident Telugu Society (APNRTS) is dedicated to the welfare, safety, and development of NRIs. In a significant gesture, Minister Srinivas personally handed over Rs 10 lakh in insurance compensation under the 'Pravasandhra Bharosa Insurance Scheme' to the family of Bhavanasi Satyababu. A native of Narravada village in Duttaluru mandal, Sri Potti Sri Ramulu Nellore district, Satyababu tragically died in a road accident in Saudi Arabia. He urged all Telugus living abroad to register under the Pravasandhra Bharosa Scheme, emphasising that it provides crucial assurance to their families in unforeseen circumstances. Bhavanasi Satyababu migrated to Saudi Arabia for employment in 2014, working as a Construction Manager for KEC International Limited. With the assistance of APNRTS coordinators in Saudi Arabia, he had registered for the Pravasandhra Bharosa Insurance Scheme. Tragically, on April 5, 2024, he sustained fatal injuries in a road accident. He is survived by wife and a two-year-old son. APNRTS officials gathered the necessary documents and information and submitted them to New India Assurance Company which approved the Rs 10 lakh claim on Tuesday and the amount was handed over to the policyholder's wife through APNRTS. APNRTS CEO and Director Kanuri Seshubabu, NRI TDP Gulf Division President Ravi Radhakrishna, NRI TDP Kuwait Division President Nagendra Babu Akkili, NRI TDP Media Coordinator Sagar Doddapaneni, former APNRTS Director Rajasekhar Chappidi, and New India Assurance Company Vijayawada Divisional Manager K Joseph were present.
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Business Standard
27-06-2025
- Business
- Business Standard
Stocks to Watch today: Tata Power, Arkade Developers, Hitachi Energy, NTPC
Stocks to Watch Today, Friday, June 27, 2025: Indian benchmark indices, now less than 3 per cent below their all-time highs, are poised to rise for a fourth straight session, buoyed by positive global cues. The early indicator of Nifty50 performance -- GIFT NIFTY -- was up 112 points or 0.44 per cent at 25,727 as of 7:45 AM. Equity markets in Asia advanced, tracking gains on Wall Street, driven by hopes for a rate cut and easing geopolitical tensions. Last checked, Japan's Nikkei was higher by 1.5 per cent, and China's CSI 300 was up 0.8 per cent. Gains in stocks come amid reports that the US and China have finalised a trade understanding that was reached last month in Geneva. Overnight, US equity indices briefly topped their all-time high as tensions between Iran and Israel eased. Further, the first quarter consumer spending growing at the weakest pace since the pandemic has triggered hopes for an early rate cut. The S&P 500 index closed 0.8 per cent higher, while the Dow Jones Industrial Average was up 0.94 per cent. Back home, on Thursday, the BSE Sensex settled 1000.36 points or 1.21 per cent higher at 83,755.87, while the Nifty50 rose 304.25 points or 1.21 per cent to end at 25,549.00. Track LIVE Stock Market Updates Here Meanwhile, below are some stocks to watch during today's session: New India Assurance Company: The company said tax authorities have issued a show cause notice with a demand of ₹2,298 crore Goods and Services Tax (GST) for five financial years. It has received a show cause notice dated June 26, 2025, from the office of the Additional Commissioner, Mumbai-South, and Maharashtra state. Tata Power: The company has applied to distribute electricity to various pockets of Maharashtra as part of its efforts to expand beyond the financial capital, according to a PTI report. The company has filed for a license across key growth regions, including parts of Mumbai, Pune, Sambhaji Nagar and Nashik. Arkade Developers: The realty major has acquired redevelopment rights for a society located in Bangur Nagar, Goregaon West, with a revenue potential of ₹350 crore. The society is spread across 1.1 acres and offers a saleable area of approximately 86,000 square feet. Hitachi Energy India: The firm secured an order from Power Grid Corporation of India to deliver 30 units of 765-kilovolt (kV), 500 megavolt-ampere (MVA), single-phase transformers. These ultra-high voltage alternating current (UHV AC) transformers are capable of handling power equivalent to the average consumption of 30 million households in India. AstraZeneca: The global bio-pharmaceutical major has established its state-of-the-art Global Hub in Bengaluru, investing ₹166 crore to focus on the development of AI-powered healthcare solutions, as per a PTI report. The new facility in Bengaluru is designed to accommodate nearly 1,300 employees, including 400 new jobs. HCL Technologies: The tech major launched its orchestration consultation and implementation services, aimed at accelerating enterprises' adoption of Salesforce Agentforce across various industries. Embassy Developments: On Thursday, the company acquired 100 per cent equity in Squadron Developers for ₹456.61 crore, making it a wholly owned subsidiary as part of its ongoing growth strategy. Sterling Tools: The company received a GST Show Cause Notice alleging short payment, interest, and excess ITC claim, with a total demand of ₹9.96 crore, including interest and penalties, from CGST Dehradun. Premier Energies: The company announced the successful commissioning of its new 1.2 Gigawatt (Gw) TOPCon solar cell manufacturing line at Fab City, Hyderabad, Telangana. It is one of the first few solar manufacturers in India to operationalise a TOPCon production line, capable of delivering solar cell efficiencies exceeding 25 per cent, the company said. UltraTech Cement: The cement maker commissioned its second cement grinding mill with a capacity of 1.8 million tonnes per annum (mtpa) at the company's unit in Maihar, Madhya Pradesh. After this, the company's consolidated domestic grey cement capacity stands at 186.86 mtpa. Power Mech Projects: The company has secured orders from the Bihar State Power Generation company to set up 13.66 Mw solar power projects under PM-KUSUM C2 Scheme in Bihar. Estimated revenue over 25 years through PPAs with Discoms is approximately ₹159 crore. Western Carriers: The firm secured a ₹230 crore, three-year contract from Jindal Stainless Ltd for integrated EXIM logistics, covering container transport, customs clearance, last-mile delivery, and related logistics services across multiple locations.
