ICICI Lombard General Insurance

ICICI Lombard delivered weaker-than-expected performance in Q3FY23 on all counts - weaker premium, lower investment income, and higher expense ratio, Motilal Oswal Financial Services said

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Offers for senior citizens without an age cap

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

Apart from HDFC Bank's 'Vigil Aunty', a host of private sector general insurers also offer individual cyber insurance policies

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Though Q1 was disappointing, there are triggers that could lead to improvement in the performance of the two insurers

The country's largest private sector general insurer reported 80 per cent YoY growth in net profit at Rs 349 crore in Q1FY23 on the back of a healthy growth in premium income.

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The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

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The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Bhargav Dasgupta spoke about the company's plan in the health, motor and surety bonds business

Analysts though appear positive with their target prices indicating 22-25% upside

ICICI Lombard leads pack among private players, with 28% growth

Sequentially, net profit was down 29%

Industry leaders speak about the learnings over the past year and the opportunities for progress that the pandemic has provided

For corporate policies, we have taken some price increases, says Bhargav Dasgupta