The New India Assurance Company (NIACL) Q3 25/26 earnings summary

Executive summary

• Global Gross Written Premium grew by 10.5% for the nine months ended December 31, 2025, with domestic premium growth outpacing the industry and market share rising to 13.4% from 12.8% year-over-year.

• Profit Before Tax increased by 215% for Q3FY26 and 62% for the nine-month period, despite one-time wage arrears and retirement benefit provisions.

• Maintains leadership in Indian non-life insurance with presence in 24 countries and strong balance sheet, including improvements in net worth, general reserves, and a solvency ratio of 1.81.

• Strategic focus on risk-weighted growth, underwriting discipline, claims efficiency, and technology adoption.

• Company rated AAA by CRISIL, B++ by AM Best, with improved risk management and internal controls.

Financial highlights

• Q3 FY26 gross written premium: INR 11,680 crore, up 8.37% year-over-year; 9M FY26: INR 35,555 crore, up 10.47%.

• Q3 net profit after tax: INR 372 crore (vs. INR 353 crore last year); 9M net profit: INR 826 crore.

• Q3 combined ratio: 117.98% (vs. 116.28% last year); 9M combined ratio: 124%.

• Investment income for Q3: INR 2,280 crore, including INR 1,080 crore capital gains; 9M capital gains: INR 4,236 crore.

• Assets under management: INR 100,890 crore (up from INR 97,690 crore last year); Net worth at INR 22,630 crore.

Outlook and guidance

• Management expects to maintain growth momentum and deliver improved performance in the coming quarter, supported by government reforms and robust investment income.

• Near-term challenges include claims inflation and competitive intensity, but focus remains on disciplined underwriting and operational efficiency.

• Motor segment growth expected to recover as portfolio restructuring stabilizes.

• Health segment loss ratio targeted at 98-100%; motor at 103-104%.

• Double-digit ROE targeted through improved ICR and profitability.