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.