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Financial Performance
FINANCIAL PERFORMANCE
The Financial Results for the FY 2018-19 reflect that our Company has registered a positive Growth Rate of 15% on gross basis and underwritten Global Premium of Rs. 13484.75 crores as against Rs. 11736.84 crores in the year 2017-18. Our net premium was Rs. 10845.39 crores in the year 2018-19 in comparison to Rs. 10028.23 crores in the year 2017-18, registering a growth of 8%.
The Operating Deficit, after taking into account the Policyholder’s income, amounted to Rs. 1217.40 crores in the FY 2018-19, as compared to a surplus of Rs. 1147.64 crores in 2017-18, mainly on account of the increase in Management Expenses and Incurred Claims.
This year, we recorded a loss before tax of Rs. 428.99 crores as compared to a profit of Rs. 1382.28 crores in the last year as all the liabilities were accounted as per best actuarial estimates in the FY 2018-19 and the Company had no carryover of previous liabilities. We ended up with a loss after tax of Rs. 293.66 crores in the FY 2018-19 as compared to a profit of Rs. 1509.89 crores in the year 2017-18.
The Operating Expenses during the year 2018-19 amounted to Rs. 2465.52 crores as compared to Rs. 2692.99 crores in the year 2017-18 thus resulting in a decrease of Rs. 227.47 crores.
Profit on Sale of Investments was Rs. 2002.33 crores in the year 2018-19, as compared to Rs. 2007.57 crores in the year 2017-18 whereas Income from Interest, Dividend & Rent was recorded as Rs. 1317.14 crores during the current year in comparison to previous year’s figure of Rs. 1315.26 crores.
Our Foreign Operations of Nepal, Dubai, Kuwait & Qatar registered a Gross Premium of Rs. 285.43 crores and a net deficit of Rs. 13.37 crores in 2018-19 as against a Gross Premium of Rs. 284.83 crores and a net surplus of Rs. 1.62 crores in the year 2017-18.
The Solvency margin as on 31.3.2019 stood at 1.57.
The world renowned rating agency, AM BEST has also maintained our rating at “B++” (very good). We continue being consistently given the highest rating by CRISIL and ICRA also.
- Financial Performance of the Company
(Rs. in lakhs)
| Fire | Marine | Miscellaneous | Total | ||||||
| 2018-19 | 2017-18 | 2018-19 | 2017-18 | 2018-19 | 2017-18 | 2018-19 | 2017-18 | ||
| Gross Direct Premium: In India | 99060 | 92300 | 32938 | 29374 | 1187934 | 1023527 | 1319932 | 1145201 | |
| Outside India | 7673 | 7363 | 1990 | 2090 | 18880 | 19030 | 28543 | 28483 | |
| Gross Direct Premium Total | 106732 | 99663 | 34928 | 31464 | 1206815 | 1042557 | 1348475 | 1173684 | |
| Net Premium | 61952 | 58439 | 19781 | 21707 | 1002806 | 922677 | 1084539 | 1002823 | |
| Ratio of Net to Gross | 58.04 % | 58.64 % | 56.63 % | 68.99 % | 83.09 % | 88.50% | 80.43 % | 85.44% | |
| Profit on Sale of Investments (Policy Holders’) | 14669 (23.68%) | 13999 (23.96%) | 5024 (25.40%) | 5474 (25.22%) | 142229 (14.18%) | 162263 (17.58%) | 161922 (14.93%) | 181736 (18.12%) | |
| Int./Div./ Rent (Policy Holders’) | 9649 (15.57%) | 9172 (15.70%) | 3305 (16.70%) | 3586 (16.52%) | 93558 (9.33%) | 106307 (11.52%) | 106512 (9.82%) | 119065 (11.87%) | |
| Commission and other income (Net Income(+)/ Net Outgo (-)) | -8571 (-13.83%) | -9588 (-16.41%) | -2050 (-10.36%) | -2137 (-9.84%) | -55508 | -51725 (-5.61%) | -66129 (-6.10%) | -63450 (-6.33%) | |
| NPA (Provision (-)/ Write back(+)) | -635 (-1.02%) | 72 (0.12%) | -218 (-1.10%) | 28 (0.13%) | -6159 (-0.61%) | 829 (0.09%) | -7012 (-0.65%) | 929 (0.09%) | |
| Diminution in value of shares (-)/ written back (+) | -43 (-0.07%) | 13 (0.02%) | -14 (-0.07%) | 5 (0.02%) | -418 (-0.04%) | 150 (0.02%) | -475 (-0.04%) | 168 (0.02%) | |
| Increase (-)/ Decrease (+) in unexpired risks reserve | -1757 (-2.84%) | 599 (1.02%) | 1058 (5.34%) | 1308 (6.03%) | -23689 (-2.36%) | -41930 (-4.54%) | -24388 (-2.25%) | -40023 (-3.99%) | |
| Net Incurred claims | -67716 (-109.30%) | -50957 (-87.20%) | -13890 (-70.22%) | -16091 (-74.13%) | -1043202 (-104.03%) | -755074 (-81.84%) | -1124808 (-103.71%) | -822122 (-81.98%) | |
| Expenses of Management | -22176 (-35.80%) | -20402 (-34.91%) | -3215 (-16.25%) | -2953 (-13.60%) | -219473 (-21.89%) | -237588 (-25.75%) | -244864 (-22.58%) | -260943 (-26.02%) | |
| Amortization expenses | -240 (-0.39%) | -192 (-0.32%) | -82 (-0.41%) | -75 (-0.35%) | -2331 (-0.23%) | -2226 (-0.24%) | -2653 (-0.24%) | -2493 (-0.25%) | |
| Investment Written off | -70 (-0.11%) | -105 (-0.18%) | -24 (-0.12%) | -41 (-0.19%) | -680 (-0.06%) | -1219 (-0.13%) | -774 (-0.07%) | -1365 (-0.13%) | |
| Premium Deficiency | -3610 (-5.83%) | 0 | 0 | 439 (0.02%) | 0 | 0 | -3610 (-0.33%) | 439 (0.04%) | |
| Net Operating Profit /(Loss) | -18548 (-29.94%) | 1050 (1.80%) | 9675 (48.91%) | 11250 (51.83%) | -112867 (-11.25%) | 102464 (11.10%) | -121740 (-11.22%) | 114764 (11.44%) | |
| Interest, Dividends & Rent (Shareholders’) | 25201 | 12462 | |||||||
| Profit on sale of Investments (Shareholders’) | 38310 | 19021 | |||||||
| Other Income/ Outgo | 10492 | -6527 | |||||||
| CSR Expenditure | -722 | -669 | |||||||
| Prior period Income / Expenses | 5560 | -823 | |||||||
| Profit (+) / Loss (-) before Tax | -42899 | 138228 | |||||||
| IT deducted at source and Provision for Tax | 0 | -24800 | |||||||
| Provision for Tax for earlier years | 13533 | 37561 | |||||||
| Net Profit/ Loss after Tax | -29366 | 150989 | |||||||
| Transfer to General Reserve / Contingency Reserve | -29366 | 150989 | |||||||
| Provision for Dividend | 0 | 0 | |||||||
| Corporate Dividend Tax | 0 | 0 | |||||||
Percentages mentioned above are to Net Premium
