New Delhi: ICICI Lombard General Insurance Company today posted 18% rise in net profit at Rs212 crore for the quarter ended 31 March.

The company logged a net profit of Rs180 crore in January-March quarter of 2016-17. The gross direct premium income (GDFI) was up 9.8% to Rs2,926 crore as against GDFI of Rs2,666 crore in the year-ago quarter, the company said in a statement.

On yearly basis, the net profit grew 22.8% to Rs862 crore from Rs702 crore in 2016-17, it said. GDPI in 2017-18 financial year increased to Rs12,357 crore from Rs10,725 crore in the preceding year. The company’s combined ratio improved to 100.2% as compared to 103.9% in 2016-17 driven by reduction in loss ratio to 76.9% from 80.4% in the preceding year, in spite of adverse crop loss experience.

Among other parameters, the return on average equity (ROE) was 20.8% in 2017-18 as compared to 20.3% in 2016-17. ICICI Lombard said it became the 4th largest player in the general insurance market during 2017-18 and continued to strengthen its market leadership position among the private peers.

The company paid an interim dividend of .50 per share during the year. “The Board has proposed final dividend of 2.50 per share for 2017-18 subject to necessary approval of shareholders. The overall dividend for 2017-18 including proposed final divided is 4 per share," it said in the statement.

The company’s net worth was Rs4,541 crore as on 31 March 2018 as against Rs3,727 crore at the end of 2016-17. Stock of ICICI Lombard closed 0.35% up at Rs775.70 on BSE.