Bengaluru: India’s ICICI Lombard General Insurance on Tuesday reported a 22.4% rise in third-quarter profit, helped by increase in premium And investment income,
Profit after tax rose to 4.31 billion rupees (about $52 million) in the quarter ended Dec. 31, from 3.53 billion rupees ($42.61 million) a year earlier, the ICICI Bank-backed company said in an exchange filing.
ICICI Lombard, a non-life insurer, offers insurance for health, fire and motor sectors.
Motor insurance, the company’s largest segment, contributed 50.8% to the total premium earned, while its fastest growing health insurance segment recorded a growth of 42.4%.
The quarter witnessed bumper vehicle sales due to the festive and wedding season in India, which resulted in an increase in policies for general insurers.
Net premium earned during the quarter increased by 13.5% to Rs 43.05 billion.
Income from investments – another key metric – rose nearly 15% to Rs 6.66 billion in the December-quarter.
Insurers’ combined ratio, a key profitability metric for an insurance firm’s underwriting business, rose to 103.6% from 104.4% a year ago.
The combined ratio measures losses incurred and operating expenses as a percentage of premiums collected. In this, income from investment is not taken into account.
Profit after tax rose to 4.31 billion rupees (about $52 million) in the quarter ended Dec. 31, from 3.53 billion rupees ($42.61 million) a year earlier, the ICICI Bank-backed company said in an exchange filing.
ICICI Lombard, a non-life insurer, offers insurance for health, fire and motor sectors.
Motor insurance, the company’s largest segment, contributed 50.8% to the total premium earned, while its fastest growing health insurance segment recorded a growth of 42.4%.
The quarter witnessed bumper vehicle sales due to the festive and wedding season in India, which resulted in an increase in policies for general insurers.
Net premium earned during the quarter increased by 13.5% to Rs 43.05 billion.
Income from investments – another key metric – rose nearly 15% to Rs 6.66 billion in the December-quarter.
Insurers’ combined ratio, a key profitability metric for an insurance firm’s underwriting business, rose to 103.6% from 104.4% a year ago.
The combined ratio measures losses incurred and operating expenses as a percentage of premiums collected. In this, income from investment is not taken into account.