Mumbai, May 19, 2025: The New India Assurance Company Ltd. (NIACL), India's largest general insurer by market share, has announced its financial results for the fourth quarter and full fiscal year ending March 31, 2025.
Gross Written Premium (GWP) increased by 3.86% to 43,618 Cr, compared to 41,996 Cr reported in the previous fiscal year. The company remained the market leader with a market share of 12.6%. Operational efficiency improved, leading to a reduction in the combined ratio from 120% to 117% for the year. The solvency ratio also strengthened, reaching 1.91x as of March 31, 2025, up from 1.81x in March 2024.
Girija Subramanian, Chairman and Managing Director of The New India Assurance Company Ltd. commenting on the results said, “It gives me great pleasure to inform you that NIACL has achieved an all-time high Gross Written Premium (GWP) of ₹43,618 crore in FY25, reflecting a growth of 3.86% despite challenging market conditions. Even more encouraging is that our continued emphasis on profitable growth over the past several quarters is now yielding results. Despite the rise in GWP, the company has managed to reduce its underwriting losses by 11% driven by lower claim ratio and significant reduction in operating costs. The combined ratio has improved from 119.88% in FY24 to 116.78% in FY25. This improvement could have been even greater if not for the elevated loss ratio in the Motor Third Party segment, where the much-needed premium revision has not happened yet. NIACL continues to lead the non-life insurance industry in India, with a market share of 12.6% in FY25. The company’s growth vis-à-vis the industry over recent months, is quite encouraging. The solvency ratio has improved from 1.81x in FY24 to 1.91x in FY25, underscoring the company’s financial strength. Our balance sheet remains robust, with assets under management of more than ₹98,000 crore. The company made a provision of ₹802 crore towards legacy non-moving reinsurance balances, which has also impacted the reported Profit After Tax and Return on Equity (ROE) in FY25, adjusted for which the YoY results have been excellent. Our focus in FY26 will remain on further enhancing profitability, with a strong emphasis on launching innovative products aimed at the retail and MSME segments.”
Key Financial Highlights:
Gross Written Premium (GWP): ₹43,618 Cr in FY25, reflecting a 3.86 % increase over ₹41,996 Cr in FY24.
Combined Ratio: 117% in FY25, improving from 120% in FY24.
Loss Ratio: 96.61% in FY25, compared to 97.36% in FY24.
Solvency Ratio: 1.91x as of March 31, 2025, compared to 1.81x as of March 31, 2024.
Net Profit: ₹988 Cr in FY25, compared to ₹1,129 Cr in FY24 saw a decline of 12.86% due to provisions made towards legacy non-moving balances.
The New India Assurance Company Ltd. remains committed to delivering value to stakeholders through strategic initiatives and operational excellence.
