New India Assurance’s net profit slips 13% on legacy balance provisions

The company retained its market leadership with a 12.6% share.

The New India Assurance Company Ltd. (NIACL) saw its fiscal year ending March 2025 (FY 2025) net profit contracted by 12.86% year-on-year (YoY) to $135.25m (₹1.129 crore), due to provisions made towards legacy non-moving balances.

The company also reported a Gross Written Premium (GWP) of $5.23b (₹43,618 crore) for the fiscal year ending March 31, 2025, marking a 3.86% increase YoY.

The company retained its market leadership with a 12.6% share of the non-life insurance sector. 

Adjusted for this provision, the company noted a stronger year-on-year operational performance.

Chairman and managing director Girija Subramanian highlighted the company’s focus on profitability and cost control, noting an 11% reduction in underwriting losses driven by lower claims and reduced operating expenses. 

She also pointed to challenges in the Motor Third Party segment, where premium revisions have yet to materialise.