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ICICI Lombard Q1 hit hard by surge in health claims

ICICI Lombard saw a significant spike in COVID-19 claims intimated, from just around 1,300 cases in Q1FY21 to around 46,000 in Q1FY22

July 28, 2021 / 02:21 PM IST
ICICI Lombard Q1 hit hard by surge in health claims

ICICI Lombard General Insurance (CMP: Rs 1,473 Mcap: Rs 66,975 crore) has reported a 62 per cent drop in year-on-year (YoY) profits in Q1 FY22. The profit was much lower than the estimates of the Street mainly because of the spike in Covid-related health claims. The non-life insurer reported an underwriting loss in Q1 FY22, which was offset by higher investment income, leading to a subdued profit during the quarter. While higher health claims adversely impacted the performance in Q1...

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