The New India Assurance Company Limited CC-Sep23.pdf · 2023-11-29
So, I think Sagar had given a disclaimer that it will be very difficult to make any forward looking statements, but our initial target for the year was to have a combined ratio, last year it was 117% and our business plan is for reducing this combined ratio taking into account the fact that there has been an increase in the expenses of management due to the strategy decisions which took place last year and also an increase in the EOM you know, as you know, from 1st of April, the expenses of management, the regulator has come up with that provision. So, there will be an increase in the commissions. There will be an increase in the expenses of management, but we expect the overall ICR to decline in the range of about to maybe 115%. That is the target at which we are focusing, but again I said it's a forward- looking statement, and of course, it depends on the market realities and the challenges of the market.
Our target basically is to reduce by 3 to 5 percentage points every year and this year, of course, because of the increase in OM, we may not be breaching the figure of 3 to 5, but our initial plan was 115, and that continues to be the target for the year, combined ratio.