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ICICI Lombard Q1 results: PAT up 49% to Rs 580 cr on motor insurance boost

Profit after tax rose to 5.80 billion rupees ($69.4 million) for the quarter ended June 30 from 3.90 billion rupees a year earlier, the company said in an exchange filing

ICICI Lombard
The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to GlobalData a data and analytics firm.
Reuters BENGALURU
2 min read Last Updated : Jul 19 2024 | 6:00 PM IST
India's ICICI Lombard General Insurance reported a nearly 49% jump in first-quarter profit on Friday, helped by an increase in premiums in its motor and health insurance segments.
 
Profit after tax rose to 5.80 billion rupees ($69.4 million) for the quarter ended June 30 from 3.90 billion rupees a year earlier, the company said in an exchange filing.
 
General insurance, especially the motor and health segments, has seen rapid growth in the country in recent years with a rise in vehicle sales and improved awareness following the Covid-19 pandemic and resultant medical costs.
 
India's car sales have hit back-to-back records in the last two years, according to data from industry body the Society of Indian Automobile Manufacturers.
 
The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to GlobalData a data and analytics firm.
 
Motor insurance, which accounts for half of ICICI Lombard's business, grew around 12%, while premiums from its retail health insurance and corporate health insurance units grew about 19% and 24%, respectively.
 

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ICICI Lombard, backed by private lender ICICI Bank , also offers marine and crop insurance among others.
 
The company's net premiums earned rose nearly 16% to 45.04 billion rupees in the quarter, and claims rose around 23%.
 
Combined ratio, a key profitability metric for an insurance firm's underwriting business, improved to 102.3% from 103.8% a year earlier. A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred.
 
Shares of the company ended 1.5% ahead of the results.

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Topics :ICICI LombardQ1 results

First Published: Jul 19 2024 | 5:59 PM IST

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