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Times of Oman
3 days ago
- Business
- Times of Oman
New India Assurance Co. Ltd., Oman Honored with Times of Oman Best Brand in Customer Experience Award
Muscat: New India Assurance Co. Ltd., Oman, has been recognised with the prestigious Times of Oman Best Brand in Customer Experience Award in the insurance category at the Oman CX Awards 2025. This distinguished accolade highlights the company's unwavering commitment to delivering exceptional service and customer satisfaction across the Sultanate. New India Assurance, Oman is operated by M/s. Abdul Aziz & Bros LLC, under the visionary leadership of Mr. Majid Abdul Rahim Jaffer Al Bahrani. Expressing his gratitude, Mr. Majid extended heartfelt thanks to all customers and partners for voting New India Assurance as the Best Brand in Customer Experience under the Insurance category. The award ceremony was graced by His Highness Sayyid Mohammed Bin Salem Al Said, who served as the chief guest, alongside Mr. Ahmed Essa Al Zadjali, CEO of Muscat Media Group. Mr. Gaurav Sharma, Chief Operating Officer of New India Assurance, Oman Operations, received the award on behalf of the company, joined by his dedicated team. Commenting on the achievement, Mr. Gaurav Sharma stated, "This award is a testament to the exceptional service delivered by our team. We are deeply honored and extend our sincere appreciation to all our valued customers and partners for their continued trust and support." The Oman CX Awards 2025 celebrated excellence across 35 product and service categories, with winners determined through nationwide consumer voting. The event underscored the critical role customer experience plays in brand reputation and long-term success. As Mr. Ahmed bin Essa Al Zadjali noted, 'Customer experience is no longer a support function—it is now central to brand reputation and long-term success.' This recognition follows a series of customer-centric innovations by New India Assurance, including the launch of a state-of-the-art Customer Care Centre in December 2024, offering direct call lines and WhatsApp support to enhance client accessibility and responsiveness. As it celebrates its 50th year of operations in Oman, New India Assurance continues to set industry benchmarks, reflecting the enduring trust and confidence of its customers.
Yahoo
22-05-2025
- Automotive
- Yahoo
The New India Assurance Co Ltd (NSE:NIACL) Q4 2025 Earnings Call Highlights: Operational ...
Release Date: May 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The New India Assurance Co Ltd (NSE:NIACL) reported a significant improvement in its combined ratio, reducing it from 119.88% to 116.78%, indicating better operational efficiency. The company achieved a stable solvency ratio of 1.991, up from 1.81, reflecting a strong financial position. Digital transformation initiatives have been successful, with a growing number of customers opting for digital channels to purchase policies and settle claims. The company maintained its market leadership in the general insurance sector with a market share of 12.6%. The New India Assurance Co Ltd (NSE:NIACL) has received high credit ratings, including a CRISIL AAA stable rating and an AM Best B++ good rating, indicating strong financial stability. Net profit after tax decreased to INR 988 crores in FY25 from INR 1,129 crores in FY24, indicating a decline in profitability. The underwriting loss remains significant, although it has reduced by 11% compared to the previous year. The company's return on equity (ROE) is relatively low at 4.66%, which is below industry expectations. The motor third-party (TP) business remains a challenge due to mandated pricing, impacting overall profitability. The company faced a reduction in gross written premium in the fire insurance segment, with a 23% decrease in Q4. Warning! GuruFocus has detected 6 Warning Signs with XIACY. Q: How is New India Assurance planning to approach the motor business in the coming year, especially if there is no price increase in the motor TP segment? A: Girija Subramanian, Chairman and Managing Director, explained that the company will continue its strategy from the previous year, focusing on the OEM segment and increasing private car business over commercial vehicles due to better ICRs. For the TP segment, which is mandated, the company will continue to align its OD strategy to ensure sustainability, but emphasized the need for a TP premium hike to avoid survival issues for companies. Q: What led to the decline in operating expenses during Q4, and can you explain the change in expense allocation policy? A: Vimal Kumar Jain, CFO, stated that the reduction in expenses was due to retirements and fewer offices, which decreased administrative costs. The change in expense allocation policy was guided by the regulator's UIM policy, which the company is already compliant with, so it did not significantly impact New India Assurance. Q: What is the debt versus equity mix of the investment book, and how does the company plan to reduce the combined ratio? A: The debt portfolio is around 70-72%, and equity is about 15%. Girija Subramanian noted that the combined ratio has decreased from 120 to 117, and the company is implementing strategies in claims management and risk selection to continue reducing it. Q: What specific measures are driving the improvement in the combined ratio, and what is the timeline for bringing it below 100%? A: Girija Subramanian highlighted initiatives like risk selection, shedding unprofitable group accounts, and automation to improve the combined ratio. The company aims to target a combined ratio of 110 in the near future, with a long-term goal of achieving below 100%. Q: How has the health line of business improved its loss ratio, and what are the future plans for pricing? A: Sushma Anupam, GM, explained that the improvement is due to a combination of price hikes and claims control measures. The company has implemented age-wise pricing and plans to review performance before considering further price revisions. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
21-05-2025
- Automotive
- Economic Times
Half of India's vehicles still uninsured, says New India Assurance chief
Nearly half of India's automobiles remain uninsured, posing significant risks to accident victims and the broader insurance ecosystem, despite the availability of data on vehicle insurance, reported TOI citing Girija Subramanian, CMD of New India Assurance, the country's largest general insurer. ADVERTISEMENT 'Only 52% of vehicles are insured. Although the data exists, enforcement is lacking,' TOI quoted Subramanian as saying in an interview. She called for a revision in third-party motor insurance premiums, which haven't been updated in five to six years, despite rising court awards linked to inflation. In 2018, the Supreme Court mandated long-term third-party cover for new vehicles to curb the issue of uninsured vehicles. The Insurance Regulatory and Development Authority (IRDAI) followed up with rules requiring three-year third-party cover for new cars and five years for two-wheelers. Yet, the number of active motor insurance policies still lags behind total vehicle registrations. To strengthen its position in the competitive motor insurance space, New India Assurance is aiming to regain market share, particularly in the private car and two-wheeler segments. These are traditionally high on commission costs but lower on claims than commercial vehicles, which dominate the company's current portfolio.'We'll be working on this segment-wise and hope to crack it this year,' said insurer is also expanding its digital footprint by partnering with platforms like PhonePe and investing in the IRDAI-backed insurance marketplace, Bima Sugam. 'It's a work in progress. We're seeing traction but plan to scale up,' she added. ADVERTISEMENT (With inputs from TOI) (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
21-05-2025
- Automotive
- Time of India
Half of India's vehicles still uninsured, says New India Assurance chief
Despite data availability, nearly half of India's vehicles are uninsured, posing risks, according to New India Assurance CMD Girija Subramanian. She advocates for revised third-party motor insurance premiums, unadjusted for years despite rising court awards. New India Assurance aims to regain market share in private car and two-wheeler segments and expand its digital presence through partnerships and investments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Nearly half of India's automobiles remain uninsured, posing significant risks to accident victims and the broader insurance ecosystem, despite the availability of data on vehicle insurance, reported TOI citing Girija Subramanian , CMD of New India Assurance , the country's largest general insurer.'Only 52% of vehicles are insured. Although the data exists, enforcement is lacking,' TOI quoted Subramanian as saying in an interview. She called for a revision in third-party motor insurance premiums , which haven't been updated in five to six years, despite rising court awards linked to 2018, the Supreme Court mandated long-term third-party cover for new vehicles to curb the issue of uninsured vehicles. The Insurance Regulatory and Development Authority IRDAI ) followed up with rules requiring three-year third-party cover for new cars and five years for two-wheelers. Yet, the number of active motor insurance policies still lags behind total vehicle strengthen its position in the competitive motor insurance space, New India Assurance is aiming to regain market share, particularly in the private car and two-wheeler segments. These are traditionally high on commission costs but lower on claims than commercial vehicles, which dominate the company's current portfolio.'We'll be working on this segment-wise and hope to crack it this year,' said insurer is also expanding its digital footprint by partnering with platforms like PhonePe and investing in the IRDAI-backed insurance marketplace, Bima Sugam. 'It's a work in progress. We're seeing traction but plan to scale up,' she added.(With inputs from TOI)
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Business Standard
20-05-2025
- Business
- Business Standard
New India Assurance to launch parametric insurance for climate risks: CMD
State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance product would mostly cover climate-related uncertainties, which affects daily livelihood, employment generation, and so on. "Climate change affects so many things. So normally, this kind of parametric covers are based on thresholds. Once the threshold is breached, the claim is paid," she said. The threshold, she said, is measured by publicly available data, like IMD declarations and the claim settlement in such policies is climate driven. On Monday, New India Assurance, India's largest general insurer by market share, had reported about 2 per cent drop in net profit at Rs 347 crore for the fourth quarter ended March 2025. The public sector general insurance company had a net profit of Rs 354 crore in the March quarter of 2023-24 fiscal, according to a regulatory filing. Total income, however, rose to Rs 10,966 crore in the latest fourth quarter, up from Rs 10,849 crore in Q4FY24. For the full 2024-25 fiscal year, New India Assurance reported a 12.49 per cent drop in net profit at Rs 988 crore. In FY24, the net profit was Rs 1,129 crore. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
