The retail health growth was moderate but satisfactory at 16 per cent compared with 47 per cent growth in the group health segment
The Q2 results of ICICI Lombard General Insurance Company drew mixed reactions from analysts though the market responded with selling down the share. The net profit beat expectations but that was partly due to tax reversal, which meant a credit of Rs 130 crore.
Growth momentum in the commercial segment and in group health insurance compensated for weakness in the core motor insurance business and moderate growth in retail health. The combined ratio remains high due to a strategy of disruptive pricing to cope with competition and also investments in growth.
The general insurer has lost market share in the motor business (down 79 bps year-on-year or YoY to 10.1 per cent), with a slowdown in the motor own damage
First Published: Oct 19 2022 | 11:22 PM IST