BackICICI Lombard Q2 profit rises 19% to Rs204 crore
ICICI Lombard reported a 19.3% increase in net profit at Rs204.04 crore for the second quarter
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New Delhi: Private sector ICICI Lombard General Insurance on Tuesday reported a 19.3% increase in net profit at Rs204.04 crore for the quarter ended September.
A subsidiary of ICICI Bank, the general insurance firm had earned a profit of Rs170.95 crore in the same quarter of the previous fiscal. Total income also rose to Rs2,098.05 crore for the quarter, from Rs1,948.31 crore in the year-ago period, ICICI Lombard General Insurance said in a filing to stock exchanges. This is the first quarterly result of the company after going public last month.
During the quarter, the company’s gross premium written rose to Rs3,234.19 crore as compared to Rs2,752.66 crore in the year-ago period. The underwriting loss of the company came down to Rs85.07 crore as compared to Rs127.75 crore in the same quarter a year ago.
ICICI Lombard has approved payment of second interim dividend of Re0.75 per equity share of face value of Rs10 each. The board would consider dividend on half-yearly basis, it said.
During the half year ended September, ICICI Lombard’s profit rose by 38.5% to Rs418 crore as compared to Rs302 crore same period a year ago. Solvency ratio improved to 2.18 times at the end of September as against 2.03 times in September, 2016. The regulatory requirement is 1.50 times.
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