National Insurance Company — Financial Performance
National Insurance Company's combined ratio was 134.4% for Q1 FY26-27, as reported in IRDAI form NL-20-ANALYTICAL-RATIOS.
Quarterly financial ratios — Q1 FY25-26 to Q1 FY26-27
| Metric | Q1 FY26-27 | Q4 FY25-26 | Q3 FY25-26 | Q2 FY25-26 | Q1 FY25-26 |
|---|---|---|---|---|---|
| incurred claims ratio | 98.9%−4.2 pts | 99.4% | 88.6% | 95.3% | 103.1% |
| net commission ratio | 10.7%−2.8 pts | 16.7% | 8.6% | 11.1% | 13.5% |
| expense ratio to gross premium | 31.8%+4.7 pts | 64.1% | 31.1% | 42.8% | 27.1% |
| combined ratio | 134.4%−0.5 pts | 168.1% | 122.1% | 142.2% | 134.9% |
| solvency ratio | -1.22×−0.50× | -1.11×−0.44× | -0.77×−0.24× | -0.75×−0.30× | -0.72×−0.26× |
| profit before tax | ₹-496 crore−117.9% | ₹-1,623 crore | ₹-399 crore | ₹-284 crore | ₹-228 crore |
| profit after tax | ₹-496 crore−117.9% | ₹-1,623 crore | ₹-399 crore | ₹-284 crore | ₹-228 crore |
The small figure under each number is the change from the same quarter a year earlier — in percentage points for ratios, as a percentage change for profit before/after tax. Shown only where this insurer has a filing from exactly that quarter a year ago; no figure means that comparison isn't available, not that nothing changed.
Expense ratio shown on a gross-direct-premium basis (GDP), per IRDAI's 2021 reform — not directly comparable to an insurer's net-written-premium (NWP) basis figure if quoted elsewhere. "Not disclosed" means this insurer's filing for that quarter didn't include this figure — not an estimate.
Full-year financial ratios
These are the insurer's own full-year figures, as filed with IRDAI for the whole fiscal year — not the same as adding up four quarters, since each quarter's own number above is a standalone snapshot for that quarter alone.
| Metric | FY25-26 |
|---|---|
| incurred claims ratio | 95.8% |
| net commission ratio | 12.1% |
| expense ratio to gross premium | 40.2% |
| combined ratio | 140.0% |
Provenance (combined ratio, latest quarter)
- Reported by
- National Insurance Company
- Regulatory form
- NL-20-ANALYTICAL-RATIOS · what this form contains
- Reporting period
- Q1 FY26-27
- Source document
- pdfs/national-insurance/NL-20-ANALYTICAL RATIOS SCHEDULE.pdf · National Insurance Company's disclosure page
- Extracted by
- irw_adapter v1
- Last verified
- 2026-10-26
- Note
- NL-20 row: Combined Ratio**