Government-owned and listed insurer, the New India Assurance Company Ltd closed FY22 with a net profit of Rs 164.27 crore, down from Rs 1,604.69 crore logged during FY21.
The company’s solvency margin also dropped to 1.66 times at the end of FY22 from 2.13 times at the end of FY21.
During the year under review, The New India had logged a gross premium of Rs 36,834.61 crore as against Rs 33,046.41 crore earned in FY21.
While all other lines of business showed operating profit – including the motor – the company’s profit was drawn down by the huge operating loss in the health insurance segment.
Last fiscal, the operating loss under the health insurance segment was Rs 4,843.93 crore, against Rs 1,459.97 crore posted during FY21.
Incidentally last year, the company’s crop insurance business made an operating profit of Rs 214.82 crore, up from a loss of Rs 296.08 crore in FY21.