New India Assurance: In FY24, New India Assurance achieved about $5 billion global premium: CMD

Neerja Kapur, Chairman-cum Managing Director, New India Assurance, reported a global written premium target of Rs 42,000 crore, with unaudited figures showing a total of Rs 41,860 crore for the financial year. The final figures depend on the trial balance and balance sheets. This translates to a $5 billion global premium. When asked about the premium breakdown, Kapur highlighted health as the top-performing segment, noting growth in health and motor segments.

You recently closed your books of FY24. How much premium have you done in the fiscal? Has the company achieved the target or has it missed it? How far are you from the target?
Neerja Kapur: We had targeted a premium of about Rs 42,000 crore, global written premium and we have completed the financial year and these are unaudited figures as of now. When we compile the premium completion of our domestic market with the premium completion of our foreign offices, the total premium of Rs 41,860 crore and these, of course, will be subject to the finalisation of the trial balance and the balance sheets. It translates into about a $5 billion global premium.

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I am trying to seek some more clarity in terms of the premium. Can you give us the breakup of the premium that you have logged in? Which of your segments have performed well? Which are the segments that are lacking? Just take us through that snapshot also.
Neerja Kapur: The highest segment has, of course, been health. As I have mentioned earlier, we are seeing good growth in both the health and motor segments.

Let us talk about the new fiscal year. In the new financial year going ahead, what is the target of premium growth that you would be setting?
Neerja Kapur: Our target always remains customer centric and customer focused and also to continue to align with the government with their prerogatives and advice for moving towards insurance for all by 2047. We hope to see that happen much earlier. In line with that, we will be expanding our customer base and our insurance targets would be in line with the rest of the market.

Of course, we would see a growth in the range of 8 to 10, probably more, if possible. But keeping in mind the focus remaining on profitability of the company and ensuring that the financial health of the company remains sound, we would look at growing in line with the market in the range of 8% to 10%.


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