ICICI Lombard – Higher health claims, merger weigh on H1 earnings
While the COVID claims went down, the non-Covid health claim frequency in Q2 FY22 saw a sharp increase compared with Q2 FY21
October 22, 2021 / 03:26 PM IST
ICICI Lombard General Insurance | French insurance firm Axa S.A., to sell around 175 crore shares of ICICI Lombard via block deal on October 5.
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ICICI Lombard General Insurance (CMP: Rs 1,506; Mcap: Rs 73,887 crore) has reported muted earnings for the first half of FY22 (H1 FY22).
The financials of the non-life insurer came under stress due to the long reporting tail of health claims and no revision in the prevailing third-party motor tariff rates this fiscal. The merger with Bharti AXA got reflected in the current quarter and further weighed on the financials.
Despite an increase in the claims, the non-life insurer posted profit...