GIC, ICICI Lombard, other general insurance stocks a mixed bag after monthly premium data

Shares in ICICI Lombard, General Insurance Company, New India Assurance, and other companies dealing in general insurance staged mixed moves on Tuesday (April 9), after monthly data suggested 9.5 per cent year-on-year growth in the premiums in the segment in March. At 12:36 pm, ICICI Lombard General Insurance Company, New India Assurance Company and Star Health and Allied Insurance shares were down 0.5-1 per cent, whereas General Insurance Corporation (GIC) shares were up 0.3 per cent.

Also, Bajaj Finserv was up 0.2 per cent and SBI was down 0.9 per cent. Bajaj Holdings financial services arm Bajaj Finserv holds a 74 per cent stake in Bajaj Allianz General Insurance, and SBI holds an almost 69.95 per cent stake in SBI General Insurance.

According to Zee Business research, while ICICI Lombard, Bajaj Allianz and Star Health fared better in terms of premium growth, SBI General Insurance and NIA staged steady performances. 

ICICI Lombard premium data in March 2024 grew 18 per cent, Bajaj Allianz General premium data grew 48.6 per cent, SBI General grew 0.26 per cent and Star Health & Allied premium data grew 17.5 per cent. 

On the flipside, The New India Assurance premium data in March slipped 0.02 per cent. Total Standalone Health Insurance grew 25.9 per cent. 

Meanwhile, as per research, the market share of Star Health & Allied and SBI General increased. However, the market share of The New India Assurance, ICICI Lombard, and Bajaj Alliance declined.

Insurance companies stock performance

In a year, shares of SBI General gained over 46 per cent, Bajaj Finserv gained over 30 per cent, ICICI Lombard gained over 53 per cent, The New India Assurance soared over 129 per cent and GIC shares rose over 135 per cent.

Conversely, shares of Star Health & Allied declined 0.84 per cent. 

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