National Insurance Company Registers Profit Of Rs 424 Cr In Q2 FY24

National Insurance Company registered a profit of Rs 424.10 crore in the second quarter of fiscal year 2023-24, compared to a loss of Rs 1,465.88 crore in the last year’s corresponding period.

In the first quarter of FY24, the loss of the company was Rs 379.28 crore.

The Gross Written Premium(GWP) of this state-owned insurer has risen to Rs 5,113.20 crore in the second quarter of FY24 from Rs 4,801.15 crore in Q2FY23.

The total income of the company has increased by 17 per cent year-on-year (YoY) to Rs 5,120.33 crore from Rs 4,379.97 crore.

The income from the investment of the business increased to Rs 786.72 crore from Rs 722.90 crore.

The expenses of the company declined by 12.74 per cent YoY to Rs 5,067.66 crore in the quarter under review from Rs 5,807.52 crore in the corresponding quarter of the previous year.

Meanwhile, the Underwriting loss of the firm declined sharply to Rs 734.05 crore in Q2 FY24 from Rs 2,150.45 crore in Q2 FY23.

The Combined Ratio of the company fell to 115.31 per cent from 157.37 per cent. The Incurred Claim Ratio (ICR) of the company was 91.55 per cent in comparison to 86.39 per cent across the time period.

However, the solvency ratio of the company slipped into negative territory at (-0.35) per cent in Q2 from 0.24 per cent in the year-ago period.