The company reported a 20.2% increase in net profit for the second quarter of FY25, reaching $694 crore, as against $577 crore in the same quarter of the previous fiscal year.
For the second quarter, the combined ratio is around 104.5; However, this quarter specifically witnessed many more instances of flooding across India. Therefore, this combined ratio of 104.5 will translate to around 102.6% and on a comparable basis, Q2FY24 excluding the impact of floods will come to around 102.8%.
“We are sticking to our thought process, which is to get our combined exit ratio to 101.5% by the end of FY25,” he said.
In an effort to alleviate the Goods and Services Tax (GST) burden on life and health insurance premiums
The Group of Ministers (GoM) appointed by the GST Council is expected to recommend certain relaxations. Sources familiar with the GoM discussions indicate that “GST on pure term life insurance premiums and senior health insurance is likely to be exempted from the current rate of 18%.”
Read also | Survey reveals chronic diseases are leading cause of death and disability in India
In the health insurance context, the growth potential is significantly long-term. Therefore, taking out insurance is also largely affordable in terms of the interests of the insured.
“Let’s wait for the final announcements to be made and then maybe we can come back and talk about what it does from a market perspective,” he said.
The current market capitalization of the company is $1,00,581.65 crore.
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(Edited by: Unni Krishnan)
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