Kolkata: reported 11% rise in net profit to Rs 353 crore in the third quarter ending December 31, 2022, as compared with Rs 318 crore in the year-ago period.
The insurer collected a gross direct premium of Rs 5,493 crore in the quarter under review, reflecting a 17% year-on-year rise.
Profit before tax rose 10.5% year on year at Rs 465 crore against Rs 421 crore a year ago.
The combined ratio — a measure of whether the insurance company is earning more revenues from its collected premiums relative to the claims it pays out — was at 104.4%.
Solvency ratio was at 2.45x at the end of December 31, 2022, as against 2.47x as at September 30, 2022, and was higher than the minimum regulatory requirement of 1.50x.
The insurer announced its earnings after market hours. The stock closed almost flat at Rs 1250.15 on the BSE.
