ICICI Lombard General Insurance Company declared its financial results for the first half of the current financial year. The company showed strong growth in all its business lines except Marine Insurance where the premium collection has dropped and so has the profitability of the vertical.
A summary of the audited financial results of ICICI Lombard for the half year ended 30th September 2010 are as follows:
Insurance Premium Collected:
(All figures are in Rs. Lakhs)
The company has made substantial gains in its investment income also. The investment income in the 1st half of the current fiscal stands at 86.48 crores as compared to 82.66 crores in the same period last year.
General Insurance companies divide their businesses into 3 broad categories for the purpose of declaring their financial result – Fire Insurance, Marine Insurance and Miscellaneous. The miscellaneous insurance consists of retail products like health insurance, motor insurance travel insurance which almost everyone buys. So it is strange that general insurance companies should not split this for everyone to understand the performance in these sectors. It is not mandatory so I guess you cannot blame the general insurance companies for not splitting them during the results!