New India Assurance Reports Marginal Profit Dip, Eyes Future Innovations

New India Assurance, a public sector insurance company, announced a nearly 2% drop in net profit for Q4 ending March 2025, reporting Rs 347 crore compared to Rs 354 crore in the same period of the previous year.

Despite this, the company's total income increased to Rs 10,966 crore, signaling growth from Rs 10,849 crore recorded in the fourth quarter of FY24. For the full fiscal year 2024-25, net profit saw a 12.49% decline to Rs 988 crore from Rs 1,129 crore in FY24.

Going forward, New India Assurance plans to introduce groundbreaking products, emphasizing the retail and MSME sectors, and enter into parametric insurance to combat traditional market challenges. In FY25, the company achieved a record Gross Written Premium of Rs 43,618 crore, a growth of 3.86% amid tough market conditions.

(With inputs from agencies.)