ICICI Lombard Q3 PAT rises 5% to Rs232 crore
ICICI Lombard’s profit after tax (PAT) in the December quarter increased by 5% to Rs232 crore as compared with a PAT of Rs220.30 crore last fiscal
New Delhi:ICICI Lombard General Insurance on Monday reported a 5.20% increase in profit after tax (PAT) at Rs231.76 crore for the quarter ended 31 December 2017.
A subsidiary of ICICI Bank, the general insurance firm had earned a PAT of Rs220.30 crore in the same quarter of the previous fiscal. Total income rose to Rs2,019.77 crore from Rs1,842.93 crore in the year-ago period, ICICI Lombard said in a BSE filing. This is the second quarterly result of the company after going public in September last year.
During the quarter, the company reported provision of tax of Rs90.59 crore as against Rs5.44 crore in the year-ago period. The results for third quarter and nine-month period ended December 2016 were impacted due to effect of excess tax provision written back of earlier years.
During the quarter, the company’s gross premium written rose to Rs3,001.53 crore as compared to Rs2,542.32 crore in the year-ago period. Also, the solvency ratio improved to 2.21 times as against 2.01 times in December, 2016. The regulatory requirement is 1.50 times.
Shares of ICICI Lombard were trading 3.46% higher at Rs809.65 per scrip on BSE.