<p>India's ICICI Lombard General Insurance beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments.</p><p>The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68 per cent on-year. Analysts, on average, expected a profit of 6.10 billion rupees as per data compiled by LSEG.</p><p>India's insurance sector has seen rapid growth in recent years, with a rise in improved awareness following the Covid-19 pandemic and rising medical costs.</p><p>The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to data and analytics firm GlobalData.</p><p>ICICI Lombard's premiums earned in its retail health insurance and corporate health insurance units grew nearly 25 per cent and 12 per cent, respectively.</p>.SBI Life Q3 profit jumps 71% to Rs 551 crore.<p>Motor insurance premiums, ICICI's largest segment, grew 17 per cent to 25.60 billion rupees.</p><p>While sale of new vehicles were muted in the last few quarters, analysts said that ICICI Lombard's auto segment has seen growth driven by old vehicles' insurance.</p><p>The company did not give a breakdown of premium earned from insurance of new and old vehicles.</p><p>The company's net premiums earned rose 17 per cent to 50.45 billion rupees, while income from investments rose 23 per cent.</p><p>Combined ratio, an insurance company's losses and expenses divided by the premium it earned, eased to 102.7 per cent from 103.6 per cent a year earlier.</p><p>A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred. ICICI Lombard's claims paid rose 19 per cent year-on-year.</p><p>Shares of the company ended 2.1 per cent higher ahead of the results. </p>
<p>India's ICICI Lombard General Insurance beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments.</p><p>The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68 per cent on-year. Analysts, on average, expected a profit of 6.10 billion rupees as per data compiled by LSEG.</p><p>India's insurance sector has seen rapid growth in recent years, with a rise in improved awareness following the Covid-19 pandemic and rising medical costs.</p><p>The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to data and analytics firm GlobalData.</p><p>ICICI Lombard's premiums earned in its retail health insurance and corporate health insurance units grew nearly 25 per cent and 12 per cent, respectively.</p>.SBI Life Q3 profit jumps 71% to Rs 551 crore.<p>Motor insurance premiums, ICICI's largest segment, grew 17 per cent to 25.60 billion rupees.</p><p>While sale of new vehicles were muted in the last few quarters, analysts said that ICICI Lombard's auto segment has seen growth driven by old vehicles' insurance.</p><p>The company did not give a breakdown of premium earned from insurance of new and old vehicles.</p><p>The company's net premiums earned rose 17 per cent to 50.45 billion rupees, while income from investments rose 23 per cent.</p><p>Combined ratio, an insurance company's losses and expenses divided by the premium it earned, eased to 102.7 per cent from 103.6 per cent a year earlier.</p><p>A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred. ICICI Lombard's claims paid rose 19 per cent year-on-year.</p><p>Shares of the company ended 2.1 per cent higher ahead of the results. </p>