Page 8 - The Insurance Times March 2025

Uttar Pradesh Govt pro- company's GWP grew by 23 per cent 543 crore in the December quarter.
year-on-year to Rs. 2,654 crore from Total income for the quarter stood at
poses 'No Helmet, No Rs. 2,160 crore, significantly outper- Rs 2,371 crore. An insurance company

Fuel' policy forming the general insurance collects premium from customers but
The Uttar Pradesh Transport Depart- industry's growth rate of 8 per cent, also pays premium to reinsurance com-
ment has proposed a strict "no helmet, according to a company statement. panies. It also gets additional income
from the interest earned from its in-
no fuel" policy across cities in the state "Our focused strategy in the motor
in an effort to reduce road accidents sector is yielding positive outcomes. vestments.
and fatalities involving two-wheelers. This quarter, we achieved significant Go Digit reported overall expenses of
Transport Commissioner Brajesh progress in digital transformation. Rs 2,308 crore in the December quar-
Narain Singh issued an official letter With our targeted growth approach, ter, up from Rs 2,241 crore a year ago.
directing the fuel station operators not we are optimistic about our roadmap The general insurance company's sol-
to sell fuel to two-wheeler riders, who for the upcoming quarters," said Anil vency ratio stayed at 2.2. The
are not wearing helmets, including the Aggarwal, MD & CEO of Shriram Gen- company's partner network stood at
pillion. eral Insurance Company. 69,527 at the end of the calendar year
2024 and its overall assets under man-
Shriram General Insurance Insurance company Go agement stood at Rs 18,939 crore.

Q3 net up 12% at Rs. 131 Digit's Q3 net profit up ICICI Lombard profit rises
crore 175% to Rs. 118 crore 68% to Rs. 724 crore
Shriram General Insurance Company Go Digit General Insurance reported a India's ICICI Lombard General Insur-
(SGI) reported a 12 percent increase in ance beat third-quarter profit esti-
quarterly net profit of Rs 118 crore, up
net profit at Rs. 131 crore for the quar- 175% from a year ago, buoyed by mates, helped by higher premiums
ter ended December 31, 2024, when earned in its health and motor insur-
strong growth in insurance premium
compared with 117 crore a year ago. collection. The Bengaluru-based new- ance segments. The insurer reported
The company's gross written premium age general insurance company profit after tax of Rs 724 crore ($83.6
(GWP) for the December quarter in- clocked a gross written premium of Rs million) for the quarter ended Dec. 31,
creased by 25 per cent at Rs. 1,061 2,676 crore in the December quarter, up 68% on-year. Analysts, on average,
crore as against Rs. 850 crore in the up from Rs 2,427 crore a year back. It expected a profit of Rs 610 crore as per
same period last year. GWP in the had posted Rs 42.8 crore net profit in data compiled by LSEG. India's insur-
motor business grew by 27 per cent to the year-ago quarter. ance sector has seen rapid growth in
Rs. 988 crore (from Rs. 780 crore) recent years, with a rise in improved
Commissions and brokerages to distri- awareness following the COVID-19
For the 9 months of this fiscal, the bution partners amounted to about Rs pandemic and rising medical costs.

The country's general insurance indus-
General insurance employee union opposes 100% try is projected to grow to about $57
FDI billion in 2028 from $40 billion in 2024
in terms of gross written premiums,
A union representing employees of public sector general insurance compa- according to data and analytics firm
nies has issued a statement criticising the introduction of 100 per cent for- GlobalData.
eign direct investment (FDI) in the insurance sector and amendments to
insurance laws.
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8 March 2025 The Insurance Times