Stock: New India Assurance has increased by 17% to Rs 204. On the BSE, General Insurance Corporation is up over 12% at Rs 297. Both equities reached 52-week highs.
India’s Life Insurance Corporation is up 7% at Rs 662.
The General Insurance Corporation of India has been given the India National Scale Rating (NSR) by the rating agency, which has also confirmed the current ratings, according to GIC.
The outlook for GIC’s Financial Strength Rating was updated from Stable to Positive, and the outlook for its Long-Term Issuer Credit Rating was updated from Negative to Positive. – Stock
Q2FY24 was one of the most difficult quarters for the company in recent memory, according to Neerja Kapur, CMD, New India Assurance Company, during a presentation to investors. Floods during the quarter caused the company to incur CAT losses totaling a net of Rs 301 crore.
The aviation portfolio saw unfavorable development totaling roughly 50 Cr. According to Kapur, risk losses in Dubai operations and CAT losses in UK operations contributed to the approximately 71 Cr in losses the foreign operations reported for the quarter, putting pressure on them as well.
The Motor and Health portfolio saw growth during the quarter, despite the fact that a number of unrelated events had an impact. Future developments should see an improvement in these lines’ profitability.
A steady growth in the agency channel has also begun. Within the next quarters, the company anticipates better performance, according to Kapur.
