India's ICICI Lombard reports Q1 profit rise on higher retail health premium income
The non-life insurer reported a profit after tax of 7.47 billion rupees ($87.04 million) for the quarter ended June 30.
Demand for health insurance has surged in India in recent years, driven by soaring medical costs and heightened awareness, particularly in the wake of the COVID-19 pandemic.
ICICI Lombard reported solid growth in both retail and corporate health insurance premiums, rising 44% and 10% from a year ago, respectively.
Motor insurance premiums rose 13.5%, higher than the 12% growth in the year-ago quarter.
These segments together helped lift the company's net premiums earned by 14% to 51.36 billion rupees in the quarter ended June 30.
Profitability also improved as the combined ratio, a key metric that compares claims and expenses to premium income, improved to 102.9% from 102.3% a year ago.
This indicates the company is earning more in premiums than it is spending on claims and operations.
ICICI Lombard is backed by ICICI Bank (ICBK.NS), opens new tab, one of India's largest private lenders. It also offers marine and crop insurance, among other services.
($1 = 85.8240 Indian rupees)
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