Q1 2025 General Insurance Corporation of India Earnings Call Transcript
Key Points
- Gross premium income increased to INR12,405.68 crores for Q1 FY25 from INR8,917.71 crores in Q1 FY24.
- Investment income rose to INR2,758.99 crores in Q1 FY25 compared to INR2,559.31 crores in Q1 FY24.
- Incurred claims ratio improved to 89.8% in Q1 FY25 from 95.1% in Q1 FY24.
- Combined ratio improved to 109.6% in Q1 FY25 from 118.47% in Q1 FY24.
- Profit after tax increased to INR1,036.36 crores in Q1 FY25 from INR731.79 crores in Q1 FY24.
- Overseas combined ratio remains high due to legacy marine exposure, with some provisioning still affecting results.
- International book declined, primarily due to the cessation of a major contract in the US.
- Significant provisioning for recent catastrophic events like Taiwan earthquake and UAE floods.
- Domestic premium growth appears inflated due to changes in estimation policy last year, actual growth closer to 15-16%.
- Potential challenges in maintaining combined ratio improvements due to upfront acquisition costs and competitive pricing pressures.
Ladies and gentlemen, good day, and welcome to the General Insurance Corporation of India Q1 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Binay Sarda from E&Y Investor Relations. Thank you, and over to you, sir.
Thanks, [Nia]. Good morning to all the participants on the call, and thanks for joining this Q1 FY25 earnings for General Insurance Corporation of India. Please note that we have mailed out the press release to everyone, and you can now see the results on our website as well as it has been uploaded on the stock exchange. In case if you have not received the same, you can write to us, and we'll be happy to send it over to you.
Before we proceed with the call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our businesses that could
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