Despite the covid-19-related shutdown, ICICI Lombard General Insurance Co. Ltd’s staged a decent show in the March quarter (Q4).
Growth in net earned premium was in line with analysts’ estimates. However, investors were not enthused given expectations of a decline in premium earned from businesses in the coming quarters.
Net earned-premium grew year-on-year on the back of decent 12.1% growth in motor insurance and 11.3% in health insurance, but fell sequentially.
These two segments account for about 65% and 24% of the total net earned premium, respectively. Growth came in spite of the outbreak, although the lockdown in the last few days of the quarter, did impact motor vehicle and health policy sales.