New India Assurance FY26: PAT up 40%, premium +10.9%

What the FY26 update signals for the non-life market

India’s non-life insurance market closed FY26 with gross direct premium income of about ₹3,36,000 crore, up 9.3% year-on-year. Against that backdrop, The New India Assurance Company Ltd (New India Assurance) reported faster domestic premium growth and a sharp improvement in profitability for the year ended March 31, 2026. The company also highlighted a small rise in market share during the year.

The disclosures came through a financial and operational performance discussion for the fourth quarter and the full financial year ended March 31, 2026. Alongside the FY26 numbers, the company also shared select operating ratios such as claims and combined ratio for the full year.

Industry growth: ₹3.36 lakh crore gross direct premium in FY26

The company cited industry-level gross direct premium income of roughly ₹3.36 lakh crore in FY26, a 9.3% year-on-year increase. This sets the competitive context for general insurers, where growth rates are closely tracked against the industry baseline.

For investors, the industry growth number matters because it frames whether a market leader is gaining share through distribution and product mix, or merely tracking the sector’s expansion. In FY26, New India Assurance indicated it outpaced the industry on domestic premium growth.

New India Assurance domestic premium and market share

New India Assurance reported gross domestic premium (GDP) of ₹42,822 crore in FY26, translating into 10.9% year-on-year growth. The company said its Indian business grew faster than the industry and that its market share increased from 12.56% to 12.74% over the year.

The market share change is small in absolute terms, but it is directionally important in a sector where incremental share gains can reflect improved distribution productivity and retention in key lines. The company positioned itself as the market leader while discussing these figures.

FY26 premiums: gross written and net earned premiums

For the full year FY26, New India Assurance reported gross written premium of ₹47,174 crore, compared with ₹43,618 crore in FY25. It also disclosed net premium earned of ₹38,462 crore in FY26 versus ₹35,368 crore in FY25.

The company separately noted that gross written premium for the year grew 8.15%. It also reiterated that its gross domestic premium growth of 10.9% was higher than the industry growth rate of 9.3%, implying relative outperformance in domestic business growth.

FY26 profitability: PAT at ₹1,384 crore, up 40%

New India Assurance reported profit after tax (PAT) of ₹1,384 crore for FY26, compared with ₹988 crore in FY25. The company described this as a 40% year-on-year improvement in PAT for the year.

It also stated that PAT improved by 61% for the fourth quarter of FY26 compared with the same quarter last year. Profit growth is a key focus area for insurers because it can be influenced by underwriting results, reserving, expenses, and investment income, and the company provided operating metrics to help explain performance.

Q4 FY26 snapshot: premiums and quarterly PAT

For Q4 FY26, the company reported gross written premium of ₹11,619 crore compared with ₹11,433 crore for Q4 FY25. Net premium earned for the quarter was ₹9,969 crore versus about ₹9,360 crore in Q4 FY25.

Quarterly PAT was ₹558 crore for Q4 FY26, compared with ₹347 crore for Q4 FY25. The company described this as a 61% increase year-on-year.

Separately, another earnings summary in the provided material reported Q4 revenue of ₹11,840.06 crore versus ₹11,008.74 crore a year ago, and net income of ₹577.92 crore versus ₹358.54 crore. For the full year, it reported revenue of ₹46,688.91 crore versus ₹41,238.24 crore, and net income of ₹1,412.26 crore versus ₹1,036.63 crore.

Operating metrics: claims, expenses and combined ratio

From an operating metrics perspective for FY26, the company reported a net incurred claim ratio of 98.65% of net earned premium. It also reported a commission ratio of 9.75% and an expense ratio of 14.15% of net written premium.

The combined ratio for FY26 was reported at 122.57%. The company said it was able to absorb the full impact of wage revision and revision in the relevant framework, while presenting these operating ratios.

Key numbers table (FY26 vs FY25, and Q4 comparison)

Conference call schedule update

The provided material also included an update that the New India Assurance Q4 FY26 results conference call, originally scheduled for May 12, 2026 at 2:30 PM IST, was cancelled. It added that a revised schedule for the investor meeting would be communicated later.

For institutional and retail investors, such calls are often used to seek clarity on underwriting performance, claims trends, reserving, and the drivers of quarterly profit. Any rescheduling can delay that additional colour beyond the headline financials.

Market impact: what these numbers change for investors

The headline FY26 picture is of premium growth ahead of the industry and a higher PAT versus FY25. Market share rising from 12.56% to 12.74% indicates slightly better domestic traction relative to peers over the year.

At the same time, operating metrics such as a 98.65% net incurred claim ratio and a 122.57% combined ratio provide context on underwriting and cost pressures. Investors typically track whether profit improvement is being supported by better operating ratios, or by other income lines, but the provided material does not break down profit drivers further.

Why FY26 matters for the sector narrative

FY26 industry growth of 9.3% sets a benchmark for general insurers operating in a competitive environment. New India Assurance’s disclosure of 10.9% gross domestic premium growth suggests it expanded its domestic book faster than the industry average.

The FY26 PAT rise to ₹1,384 crore, along with the Q4 PAT of ₹558 crore, underscores a stronger bottom line compared with the previous year figures cited. The next meaningful datapoint for the market will be any additional management commentary when the investor interaction is rescheduled.

Conclusion

New India Assurance reported FY26 gross written premium of ₹47,174 crore and PAT of ₹1,384 crore, alongside a market share increase to 12.74% and domestic premium growth of 10.9% versus industry growth of 9.3%. Q4 FY26 PAT rose to ₹558 crore, up from ₹347 crore a year ago, while the company reported a FY26 combined ratio of 122.57%. The company has said it will communicate a revised schedule for the investor meeting after the previously planned May 12, 2026 call was cancelled.