• One-off financial impact: Q1 results included a ₹165 crore charge from a Supreme Court motor third-party ruling and two large fire claims that added roughly 1% to the combined ratio. Excluding these one-offs, the combined ratio was 102.3% compared to 102.2% in Q1 last year, with management targeting a normalized range of 102% to 103%.
• Motor third-party pricing: The Supreme Court judgment is estimated to impact industry motor third-party loss ratios by 12% to 15%, prompting the General Insurance Council to file a review petition. Management highlighted that this impact strengthens the case for an industry-wide tariff revision after 4 to 5 years without price increases.
• Health segment loss: Corporate health loss ratio rose to an elevated 98% to 99% in Q1 due to an early, industry-wide surge in claim incidences typically seen during the monsoon season. In contrast, retail health loss ratios remained stable within the target range at 66%.
• Long-term financial targets: The company reaffirmed its long-term return on equity target of 18% to 20%, driven by disciplined risk underwriting and expense management. Management also noted strong underlying growth momentum entering June across corporate, health, and motor lines.