New India Assurance Reports ₹1,267 Crore Loss in Q2

Economic Times · stocks

New India Assurance Company has reported a significant net loss of ₹1,267 crore for the September quarter, a stark contrast to the ₹63 crore profit recorded in the same period last year. This downturn is attributed to widening underwriting losses, particularly in property, motor, and health insurance sectors. The company's chairman and managing director described the quarter as highly challenging due to adverse claims experiences and a steep decline in property rates.