ICICI Lombard Profit Rises 15 Percent
India insurer ICICI Lombard reported a 15.5 percent rise in second quarter profit. The growth was driven by higher retail sales of motor and health insurance policies.
Insights:
ICICI Lombard General Insurance posted a 15.5% rise in net profit to 9.46 billion rupees ($99.42 million) for the July-September quarter, driven by higher retail sales across motor and health insurance. The results mark a recovery for India's largest private-sector insurer amid steady automobile demand following last year's tax cuts. Investors are weighing the profit growth against a slight deterioration in underwriting performance during the period.
