New Delhi, Feb 11 (PTI) The New India Assurance Company on Friday reported a 5.8 per cent drop in net profit at Rs 491 crore for the quarter ended December 2021.
The non-life insurer had posted a net profit of Rs 521 crore in the same quarter a year ago. Sequentially, net profit jumped over three-fold from Rs 127 crore in the September 2021 quarter.
Total income of the company rose to Rs 8,822.90 crore in the quarter from Rs 7,947.19 crore in Q3 FY21, it said in a regulatory filing.
Net premium earned during the period rose to Rs 7,398.35 crore from Rs 6,686.61 crore.
“The company continues to report impressive premium growth…The profitability was impacted with the company settling close to Rs 3,216 crore worth of Covid claims for the nine-month period ending December 31, 2021,” the firm’s Chairman and Managing Director Atul Sahai said.
With the impact of third wave not expected to be as severe as the second, the company looks forward to better performance in the ensuing quarters, he added.
The board of directors also approved the appointment of Jitender Mehndiratta, general manager, as the chief marketing officer of the company, with effect from February 1, 2022.
Stock of the company closed at Rs 136.80 apiece on BSE, down 0.94 per cent. PTI KPM ABM ABM
