Financials

FINANCIAL PERFORMANCE

The financial results of 2016-17 reflect that the Company has registered a positive growth rate of 29.09 % on gross basis and underwritten global premium of Rs.11117.02 crores as against Rs. 8611.89 crores in the year 2015-16. Our growth rate for the FY 2016-17 was the highest amongst the PSU Non-Life Insurance Companies. Our net premium was Rs. 9222.39 crores in the year 2016-17 in comparison to Rs. 7543.74 crores in the year 2015-16, registering a growth of 22.25 %.

The operating deficit, after taking into account the policyholder’s income, amounted to Rs 2400.13 crores as compared to a deficit of Rs. 511.88 crores in 2015-16 mainly on account of increase in the IBNR provisions.

¬This year we recorded a loss before tax of Rs. 1987.42 crores as compared to a profit before tax of Rs. 189.91 crores in the last year. We ended up with a loss after tax of Rs. 1691.09 crores as compared to profit after tax of Rs. 300.49 crores in the year 2015-16.

The management expenses during the year amounted to Rs. 2821.24 crores as compared to Rs. 2580.09 crores in the year 2015-16.

Profits on sale of investments were Rs. 1155.84 crores in the year 2016-17 as compared to Rs. 640.57 crores in 2015-16 whereas income from Interest, Dividend & Rent was recorded as Rs. 1177.73 crores during the current year in comparison to previous year’s figure of Rs 1165.35 crores.

Our foreign operations of Nepal, Dubai and Kuwait registered a gross premium of Rs. 313.69 crores this year as against Rs. 296.85 crores in previous financial year. The net result by the three foreign offices was a deficit of Rs. 42.08 crores in 2016-17 as compared to deficit of Rs. 125.40 crores in 2015-16.

The Solvency margin as on 31.3.2017 stood at 1.11. World renowned rating agency, A M BEST has maintained our rating at “B++” (very good). We also consistently continue to be given the highest rating by CRISIL and ICRA.

Financial Performance of the Company

                                                                                                                                        (Rs. in lakhs)

 

Fire

Marine

Miscellaneous

Total

2016-17

2015-16

2016-17

2015-16

2016-17

2015-16

2016-17

2015-16

Gross Direct Premium: In India

96636

98403

37105

42033

946592

691038

1080333

831474

Outside India

7653

6351

2292

2221

21424

21113

31369

29685

Gross Direct Premium Total

104288

104754

39397

44254

968017

712151

1111702

861159

Net Premium

59638

62440

23784

25581

838817

666352

922239

754373

Ratio of Net to Gross

57.18 %

59.61%

60.37%

 

57.80 %

 

86.65%

93.57%

82.96%

87.60%

Profit on Sale of Investments (Policy Holders’)

8025

(13.46%)

4607

(7.38%)

3354

(14.10%)

1759

(6.87%)

81733

(9.74%)

42837

(6.43%)

93112

(10.09%)

49203

(6.52%)

Int./Div./ Rent (Policy Holders’)

8231

(13.80%)

8539

(13.67%)

3441

(14.47%)

3261

(12.74%)

83836

(9.99%)

79407

(11.91%)

95508

(10.36%)

91207

(12.09%)

Commission and other income (Net Income(+)/ Net Outgo (-))

-6883

(-11.54%)

-5207

(-8.33%)

-2511

(-10.56%)

-2302

(-9.00%)

-40497

(-4.82%)

-38961

(-5.85%)

-49891

(-5.41%)

-46470

(-6.16%)

NPA (Provision (-)/ Write back(+))

33

(0.05%)

21

(0.03%)

14

(0.05%)

8

(0.03%)

333

(0.04%)

198

(0.03%)

380

(0.04%)

227

(0.03%)

Diminution in value of shares (-)/ written back (+)

0

-8

(-0.01%)

0

-3

(-0.01%)

-2

-79

(-0.01%)

-2

-90

(-0.01%)

Increase (-)/ Decrease (+) in unexpired risks reserve

1401

(2.35%)

-5881

(-9.41%)

919

(3.86%)

3437

(13.44%)

-86232

(-10.28%)

-49540

(-7.43%)

-83912

(-9.09%)

-51984

(-6.89%)

Net Incurred claims

-55543

(-93.13%)

 

-43533

(-69.73%)

-20996

(-88.28%)

-21685

(-84.77%)

-863270

(-102.92%)

-522741

(-78.45%)

939809

(-101.90%)

-587959

(-77.94%)

Expenses of Management

-25945

(-43.50%)

 

-34474

(-55.21%)

-4168

(-17.52%)

-9964

(-38.95%)

-245442

(-29.26%)

-213570

(-32.05%)

-275555

(-29.88%)

-258008

(-34.20%)

Amortization expenses

-105

(-0.18%)

 

-88

(-0.14%)

-44

(-0.18%)

-33

(-0.13%)

-1067

(-0.12%)

-818

(-0.12%)

-1216

(-0.15%)

-939

(-0.12%)

Investment Written off

-37

(-0.06%)

 

-70

(-0.11%)

-16

(-0.06%)

-27

(-0.10%)

-375

(-0.04%)

-651

(-0.09%)

-428

(-0.04%)

-748

(-0.10%)

Premium Deficiency

0

0

 

-439

(-1.85%)

 

0

0

0

-439

(-0.04%)

0

Net Operating Profit /(Loss)

-11185

(-18.75%)

 

-13654
(-21.86%)

3338

(14.03%)

32

(0.12%)

-232166

(-27.67%)

-37566

(-5.63%)

-240013

(-26.02%)

-51188

(-6.78%)

Interest, Dividends & Rent (Shareholders’)

 

23049

27534

Profit on sale of Investments (Shareholders’)

 

22471

14854

Other Income/ Outgo

 

-3842

27791

CSR Expenditure

 

-407

0

Profit (+) / Loss (-) before Tax

 

-198742

18991

Prior period Income / Expenses

 

-183

-65

IT deducted at source and Provision for Tax

 

0

0

Provision for Tax for earlier years

 

29816

11123

Net Profit/ Loss after Tax

 

-169109

30049

Transfer to General Reserve / Contingency Reserve

 

-169109

15606

Provision for Dividend

 

0

12000

Corporate Dividend Tax

 

0

2443

  • Percentages mentioned above are to Net Premium.