HDFC Ergo H1 net profit up 13.5% to Rs 230 cr

HDFC Ergo General Insurance Tuesday reported a 13.5 per cent growth in net profit at Rs 230 crore during the first half of the current fiscal, compared with a profit of Rs 202.4 crore in the same period last year.

Its gross written premium (GWP) rose by 12.6 per cent to Rs 4,257.5 crore during the period, against Rs 3,781.2 crore in the year-ago period, the firm said in a release.

The growth was primarily led by the motor segment, followed by accident, health and property segments, it added.

The insurer's combined ratio stood at 99.4 per cent and market share at 5.14 per cent.

HDFC Ergo, the third largest private sector insurer, is a 51:49 joint venture between the Housing Development Finance Corporation (HDFC) and ERGO International AG, the primary insurance entity of the Munich Re Group of Germany.

It offers products like motor, health, travel, home, personal accident and cyber insurance in the retail space and customised products like property, marine and liability insurance in the corporate space.