Economic TimesLean R·
ICICI Lombard Q1 Results: Profit falls 46% on commercial insurance slowdown, higher claims
ICICI Lombard reported a dramatic forty-six percent drop in profit for the first quarter, attributed to a downturn in commercial insurance and heightened claims payments. Despite these challenges, demand for retail health insurance remains strong, and motor insurance exhibited notable growth. The company faced two significant fire insurance losses and increased motor insurance reserves, contributing to a nearly twenty-one percent rise in claims paid, thus impacting overall profitability.
Read at Economic Times →
