ICICI Lombard General Insurance reported a nearly 49% increase in first-quarter profit, reaching 5.80 billion rupees ($69.4 million), compared to 3.90 billion rupees the previous year. The surge was driven by robust growth in motor and health insurance premiums.
Motor insurance, which constitutes half of the company’s business, grew by 12%, while retail and corporate health insurance premiums rose by 19% and 24%, respectively. The net premiums earned increased by 16% to 45.04 billion rupees, despite a 23% rise in claims. The combined ratio improved to 102.3% from 103.8%, indicating better profitability. Shares rose by 1.5% post-results.
ICICI Lombard General Insurance reported a substantial 49% increase in first-quarter profit, reaching 5.80 billion rupees ($69.4 million), up from 3.90 billion rupees the previous year. This growth was driven by significant increases in motor and health insurance premiums. Motor insurance, which makes up half of the company’s business, saw a 12% growth, while retail and corporate health insurance premiums rose by 19% and 24%, respectively.
The company’s net premiums earned increased by 16% to 45.04 billion rupees, despite a 23% rise in claims. The combined ratio, a key profitability metric, improved to 102.3% from 103.8%, indicating better underwriting performance.
Additionally, shares of ICICI Lombard rose by 1.5% following these positive results. The general insurance sector in India, particularly motor and health segments, has seen rapid growth due to rising vehicle sales and increased health awareness post-pandemic. The industry is expected to grow from $40 billion in 2024 to about $57 billion by 2028 in terms of gross written premiums.
