ICICI Lombard Q1 Results: Profit falls 46% on commercial insurance slowdown, higher claims

ICICI Lombard reported a 46% year-on-year fall in Q1 profit after tax to Rs 4.03 billion, hit by a 13.8% contraction in its commercial insurance segment, two large fire losses of about Rs 630 million, and a Rs 1.65 billion charge to strengthen motor insurance reserves following a Supreme Court ruling. Claims paid rose nearly 21% to Rs 35.16 billion, pushing the combined ratio to 107.2% from 101.2% in the previous quarter. Positives included a 69.5% jump in retail health gross premiums and 14% growth in motor insurance.