Public sector insurers turn profitable in Oct-Dec quarter

New Delhi: All four public sector general insurance companies (PSGICs) turned profitable by the third quarter of this financial year, posting a combined profit of ₹1,066 crore.

A finance ministry statement on Thursday said that the state-run general insurers reported a magnificent turnaround from combined losses of more than ₹10,000 crore in 2022-23, backed by improved risk-management practices, loss control initiatives, adoption of technology, development of new products, better customer services and diversification of portfolio. "After a gap of seven years, United India Insurance Company Ltd. posted profit in Q3 of FY 25," the ministry said, noting that Oriental Insurance Company Ltd. and National Insurance Company Ltd. started posting quarterly profits from the second quarter of 2023-24 and second quarter of 2024-25, respectively.