Saturday, May 7, 2011

Non-life insurance sector profits up 49% in 1Q CY11.

The non-life insurance sector after declining 9 percent profitability during CY10, recovered well in 1QCY11 showing an enormous growth of 49 percent in net profits.

This is due to some stability in macro economic indicators, better equity values and higher interest rates.

On a sample of 21out of 22 listed companies, the topline (net premium) of the insurance sector increased by 11 percent, under which major growth was witnessed in the premium of PICIC insurance, which increased by 61 percent year-on-year (YoY). The claim ratio remained in the same range at 59 percent compared to last year’s level.

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