BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
ICICI Lombard General Insurance Company Ltd.’s net underwriting loss stood at Rs 1.9 billion in Q1 FY23 versus Rs 3 billion in Q4 FY22, led by a 14% QoQ decline in total income to Rs 39.8 billion (lower other income due to lesser capital gains), with total expenses growing by 1% to Rs 36.6 billion.
ICICI Lombard's profit after tax grew 12% QoQ and 80% YoY to Rs 3.5 billion.
Claims ratio marginally increased to 72.1% versus 72% in Q1 FY23 as the benefits of a lower loss ratio in health and motor third party was offset by higher claims in fire and motor own damage. Claims ratio contracted by 1,736 bps YoY.
The combined ratio stood at 104.1% versus 123.5%/103% in Q1/Q4 FY22. The solvency ratio stood at 2.6 times versus 2.5 times in Q4 FY22.
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