Page 8 - Insurance Times December 2022

The industry netted premiums to the
Policybazaar parent will be profitable next fiscal,
tune of Rs 20,423.38 crore in October,
up 15.51 per cent from the year-ago says CEO Yashish Dahiya
period, according to data put out by PB Fintech executive chairman and CEO Yashish Dahiya said the company is
General Insurance Council (GIC). on track to profitability and will report a profit after tax in FY24.
General insurers, who operate multiple According to Dahiya, "We will be profitable in FY24 at a profit after tax
lines of business, reported a 17.5 YoY level." "At an adjusted Ebitda level, we will be positive as a group in the
growth of Rs 18,390.86 crore on the last quarter of this year. Our primary companies have now generated a profit
back of a robust performance by state- for three straight quarters.
owned firms. Standalone health insur-
He predicted that in this fiscal year, the company's revenue would climb by
ers reported a 20 per cent YoY jump in
around five times, to around Rs.2,000-2,400 crore, outpacing the pace of
premiums in the same period.
industry growth. He also predicted that by FY27, it would post profits of
PSU insurers saw a 22.46 per cent YoY about Rs.1,000 crore while still expanding its bottom line by 60-70%.
jump in premiums. Premiums of private
After launching with a gain of more than 20% on its first day of trading on
sector insurers increased by 14.5 per
Indian bourses, PB Fintech, the parent company of Policybazaar and
cent YoY. Among top private sector
Paisabazaar, has lost more than half of its share value in comparison to its
insurers, ICICI Lombard netted premi-
issue price of Rs.980.
ums to the tune of Rs 2,047.12 crore,
up 22.19 per cent YoY; Bajaj Allianz
Chola MS continues to invest in tech- surance premiums moderating in the
general's premiums were up 24.54 per
nology upgradation and its latest offer- first half of the financial year (H1FY23).
cent YoY to Rs 1,230 crore; and HDFC
ing is the new mobile app, 'Tune in with
Ergo's premiums were up 5 per cent According to data released by the
Chola MS' which is a one-stop destina-
YoY to Rs 1,298.19 crore. General Insurance Council, health in-
tion for all insurance and wellness
surance premiums logged an 18.9 per
needs. It has also adopted the use of
Cholamandalam MS Gen- cent year-on-year (YoY) growth in
artificial intelligence in its motor claims HIFY23, compared with 28.8 per cent
eral Insurance records 30% servicing through its SAHAI application
in the same period last year.
for motor damage assessment and
growth in GWP
easy claims settlement On the other hand, motor insurance has
Cholamandalam MS General Insurance continued to grow neck-to-neck with
Company Ltd (Chola MS), has reported "After over 20 per cent growth in
health, reporting a growth rate of 18.9
a 30 per cent growth in gross written Q1FY23, the non-life insurance indus-
per cent, compared with just 5 per cent
try registered a growth of 10 per cent
premium (GWP) for the first half of this
growth in the year-ago period.
in Q2FY23. Meanwhile, the industry
fiscal.
has reported near-flat growth for Sep- In FY22, motor insurance premiums re-
"In the half year that ended on Sep
tember 2022, given that the general ported just 4 per cent growth over the
2022, Chola MS grew by 30 per cent
insurers declined marginally by 0.1 per previous year whereas health premiums
over the corresponding period to at-
cent as public players dropped pre- posted a growth of over 25 per cent.
tain a GWP of Rs. 27.69 billion, invest-
mium realised 10 per cent in Septem-
ment corpus of Rs. 139.3 billion, and a
ber 2022 after reducing by 15 per cent Oriental Insurance CMD
solvency ratio of 2.10 times. Chola MS
in September 2021.
is poised to grow bigger in size and opts for VRS
market share, stronger in its profitabil- Motor insurance rides on Anjan Dey, 58, Chairman and MD, Ori-
ity and solvency, even as we continue ental Insurance Company, has put in his
vehicle sales to close in on
to uphold our brand promise - papers by opting for the voluntary re-
#pledge2protect", said V health tirement scheme. Dey who joined OIC
Suryanarayanan, Managing Director,
Motor insurance premiums, riding on in March 2021 had a tenure of service
Chola MS.
higher vehicle sales and repricing of third- till November 2023. "Yes, Dey has
Chola MS General Insurance Company, party premiums, have compensated for opted for VRS on health and personal
achieved a GWP of Rs. 48.24 billion in the normalisation of growth in the health grounds," said an insurance source. N
FY22, according to a statement. segment. This comes despite health in- Ramaswamy, General Manager, GIC
8 December 2022 The Insurance Times