New India Assurance reports net loss of Rs 113.5 cr in Q3

New India Assurance Wednesday reported a net loss of Rs 113.52 crore in the third quarter ended December 2018.

It had registered a net profit of Rs 617.29 crore in the corresponding quarter of the previous close.

The company's total income was higher at Rs 6,357.35 crore during October-December 2018, compared with Rs 5,900.68 crore in the year-ago period, the company said in a regulatory filing.

"Q3FY19 has been a challenging quarter for the company with multiple CAT (catastrophic) events like Typhoon Trami, Hurricane Michael, California Wildfires, Kuwait floods and further adverse development in Hurricane Jebi and Hurricane Irma severely impacting the foreign operations in UK, Japan, Bahrain, Aruba and Curacao. The overall impact of these events in Q3FY19 was about 450 crore," said Chairman and Managing Director Atul Sahai.

On the domestic front, the company was impacted by adverse performance of the crop line of business where poor climatic conditions led to claim estimates being revised higher coupled with refund of some premium due to area correction factor computation, he said.

Underwriting losses from this line of business was Rs 161 crore for the quarter, he added.

Shares of the company closed at Rs 174.10 apiece on the BSE, down 1.33 per cent from the previous close.