The general insurer’s profit increased 12% year-on-year to Rs 390 crore over the June quarter, Operating profit increased 5% to Rs 331 crore, while profit from the motor segment doubled to Rs 310 crore. Losses in the health retail segment narrowed by 6%, while losses in the group and corporate segments widened over four times. Crop insurance reported losses of around Rs 6 crore against a profit of Rs 6 crore a year ago.
The claim ratio stood at 74.1°% & solvency ratio at 2.53 times versus 2.61 times as of June last year. This is higher than the minimum regulatory requirement of 1.50 times.
While the share of private cars and two-wheelers in motor GDPI has increased to 48.7 per cent and 30.3 per cent (from 47.7 per cent and 27.7 per cent in Q1FY23), respectively, the share of commercial vehicles has decreased to 21 per cent in Q1FY24 (from 24.6 per cent in Q1FY23).
The company’s overall GDPI during the quarter at Rs 6,387 crore was up 18.9 per cent while profit after tax was at Rs 390 crore, with a year-on-year growth of 11.8 per cent.