The New India Assurance Company Limited

New India Assurance reported a global gross written premium of ₹11,680 crore for Q3 FY26, marking an 8.37% year-on-year growth, with net premiums earned at ₹9,725 crore. Net Profit after Tax for the quarter stood at ₹372 crore, an increase from ₹353 crore in the corresponding period last year. For the nine months ended FY26, global GWP was ₹35,555 crore and PAT was ₹826 crore, with a Return on Equity of 4.95%.

The Net Incurred Claim Ratio for Q3 FY26 improved to 90.77% from 94.49% last year, while the 9M FY26 ICR was 99.63%. The Commission ratio and Expense ratio for Q3 FY26 were 10.78% and 16.44% respectively. The Combined Ratio for Q3 FY26 was 117.98%, an increase from 116.28% last year, primarily due to a provision for wage revision. Without the wage revision impact, the Q3 FY26 Combined Ratio would have been 110.13%.

The company is actively recalibrating its portfolio by exiting or restructuring select large corporate accounts with inadequate pricing, particularly in Motor, which saw a negative growth of 0.89% in Q3. This strategy aims to improve profitability and capital efficiency by focusing on Retail, SME, and better quality risks. Domestic Gross Direct Premium Income grew by 13.71%, outpacing the industry growth of 8.69%, leading to an increased market share of 13.40%.

Investment income for Q3 FY26 was ₹2,280 crore, comprising ₹1,200 crore from interest, dividend, and rent, and ₹1,080 crore from capital gains. Total profit on sale of investments for 9M FY26 was ₹4,236 crore, with ₹2,000 crore specifically used to offset the wage revision provision. The total wage revision calculation is around ₹2,500 crore, with ₹1,677 crore for in-service employees and ₹642 crore for retired employees already accounted for. An additional ₹700-800 crore for Family Pension Scheme is pending notification and will be provided in Q4.

Health and Personal Accidents, comprising 48.16% of the product mix, saw a significant ICR improvement from 103% to 91% in Q3, driven by anti-fraud measures and pricing discipline. Marine segment recorded a 19.46% growth in Q3 but an ICR of 119% due to large claims. Fire and Engineering segments also showed strong growth of 4.06% and 16.46% respectively in Q3. The company maintains strong market shares, including 17.69% in Fire and 18.19% in Marine.

New India Assurance is focusing on launching innovative products, including Parametric Insurance, which is seen as a key area for future growth and penetration. This new line of business, with its digital interface and faster claim settlement, has seen 10-12 contracts executed so far. The company anticipates significant traction for Parametric Insurance in the coming year, contributing to its penetration agenda.

AM Best, a global credit rating agency, revised New India Assurance's outlook to positive from stable in December 2025, while reaffirming its financial strength rating of B++ (Good) and long-term issuer credit rating of BBB+. This revision recognizes improving enterprise risk management and strengthening internal systems. The company maintained a strong solvency ratio of 1.81x, comfortably above regulatory requirements, and its asset under management grew to ₹1,00,890 crore.