The Board of Directors of Universal Sompo General Insurance Co. Ltd approved its Unaudited Financial Results for the quarter ended June 30th, 2020.
Universal Sompo General Insurance Co. Ltd reported PAT of ₹ 46.21 Cr in Q1 FY21 (growth of 165% as compared to Q1 FY20), which was better than expected performance. The GDPI of the company rose by 16.62% to ₹ 418.62 Cr in Q1 FY21.
The loss ratio improved by 2.58% to 78% as compared to Q1 FY20 at 80.58%. This was mainly due to an improvement in Health Insurance, Personal Accident Insurance, Marine Insurance and Motor Insurance loss ratio. The combined operating ratio improved by 7.16% to 101.41% (Q1 FY20 was 108.57%). The Company reported a healthy growth of 25.34% in its investment income to ₹ 56.38 Cr as compared to ₹ 44.98 Cr in Q1 FY20 last year. Shareholder net worth increased by 4.59% in Q1 FY21, while the solvency ratio stands at 2.21 times.
Health Insurance remains a key growth driver for the company. It is important to note that Motor Insurance profitability is improving, and company has signed up some great digital alliances with many notable partners.
Apart from introducing a Covid-19 specific health product on a Group platform during the quarter, company has also begun to promote Arogya Sanjeevani, standardized health product formulated by IRDAI.