BENGALURU: India’s ICICI Lombard Basic Insurance coverage on Tuesday reported a 22.4% rise in third-quarter revenue, helped by a progress in premiums and funding revenue.
Revenue after tax rose to 4.31 billion rupees (almost $52 million) for the quarter ended Dec. 31 from 3.53 billion rupees ($42.61 million) a yr earlier, the ICICI Financial institution – backed firm stated in an trade submitting.
ICICI Lombard, a non-life insurer, gives insurance coverage for well being, hearth, and motor segments.
Motor insurance coverage, the corporate’s greatest phase, contributed 50.8% to the entire premium earned, whereas its quickest rising medical insurance phase posted 42.4% progress.
India noticed bumper car gross sales within the quarter because of the festive and wedding ceremony seasons, leading to an increase in insurance policies for basic insurers.
Internet premium earned through the quarter rose 13.5% to 43.05 billion rupees.
Earnings from investments – one other key metric – rose almost 15% to six.66 billion rupees within the December-quarter.
The insurer’s mixed ratio, an necessary profitability metric for an insurance coverage agency’s underwriting enterprise, improved to 103.6% from 104.4% a yr in the past.
The mixed ratio measures the incurred losses and working bills as a proportion of premium collected. It doesn’t consider revenue from investments.
Revenue after tax rose to 4.31 billion rupees (almost $52 million) for the quarter ended Dec. 31 from 3.53 billion rupees ($42.61 million) a yr earlier, the ICICI Financial institution – backed firm stated in an trade submitting.
ICICI Lombard, a non-life insurer, gives insurance coverage for well being, hearth, and motor segments.
Motor insurance coverage, the corporate’s greatest phase, contributed 50.8% to the entire premium earned, whereas its quickest rising medical insurance phase posted 42.4% progress.
India noticed bumper car gross sales within the quarter because of the festive and wedding ceremony seasons, leading to an increase in insurance policies for basic insurers.
Internet premium earned through the quarter rose 13.5% to 43.05 billion rupees.
Earnings from investments – one other key metric – rose almost 15% to six.66 billion rupees within the December-quarter.
The insurer’s mixed ratio, an necessary profitability metric for an insurance coverage agency’s underwriting enterprise, improved to 103.6% from 104.4% a yr in the past.
The mixed ratio measures the incurred losses and working bills as a proportion of premium collected. It doesn’t consider revenue from investments.
