National Insurance Company registered a profit of Rs 424.10 crore in the second quarter of financial year 2023-24, compared to a loss of Rs 1,465.88 crore in the year-ago period.
In the first quarter of FY24, the loss of the company stood at Rs 379.28 crore.
The Gross Written Premium of the state-owned insurer rose to Rs 5,113.20 crore in the reported quarter from Rs 4,801.15 crore in Q2FY23.
The total income of the company increased by 17 per cent year-on-year (Y-o-Y) to Rs 5,120.33 crore from Rs 4,379.97 crore. The income from the investment of the business inched up to Rs 786.72 crore from Rs 722.90 crore.
The expenses of the company declined by 12.74 per cent Y-o-Y to Rs 5,067.66 crore in the quarter under review from Rs 5,807.52 crore in the corresponding quarter of the year-ago period.
Meanwhile, the Underwriting loss of the firm narrowed sharply to Rs 734.05 crore from Rs 2,150.45 crore in the year-ago period.
The Combined Ratio of the company fell to 115.31 per cent from 157.37 per cent. The Incurred Claim Ratio (ICR) of the company was 91.55 per cent in comparison to 86.39 per cent across the time period.
However, the solvency ratio of the company slipped into negative territory at (-0.35) per cent from 0.24 per cent in the year-ago period.