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.
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