PremiumMumbai: Non-life insurer ICICI Lombard General Insurance on Saturday reported a 22.61% growth in net income to ₹345.68 crore for the March quarter, on the back of rise in gross direct premium income.
It had posted a net profit of ₹281.93 crore in the year-ago period, the company said in a regulatory filing.
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Premium Gross direct premium income(GDPI) grew 9.4% to ₹3,478 crore from ₹3,181 crore, against the industry's 4.9% growth.
The combined ratio, one of the key profitability metrics, worsen to 101.8% compared to 100.1%, the company said.
The return on average equity (ROAE)was 18.8% in March 2021 quarter compared to 18.8% in same quarter last year. ROAE was 21.7% in FY21 compared to 20.8% in FY20.
Solvency ratio was 2.90 at March 31, 2021 as against 2.76 at December 31, 2020. This was higher than the minimum regulatory requirement of 1.50. Solvency ratio was 2.17 at March 31, 2020.
In terms of covid-19 health claims, general insurers saw 9.8 lakh claims being filed worth ₹14,000 crore.
Among the business segments, motor, marine and health portfolio saw an underwriting loss in Q4. Motor underwriting loss stood at ₹207.87 crore, marine underwriting loss at ₹10.18 crore, health (retail) underwriting loss was at ₹8.77 crore and health (corporate) underwriting loss at ₹23.4 crore.
Premium Premium The company paid an interim dividend of ₹4 per share during the year. The board of directors has proposed final dividend of ₹4 per share for FY2021. The payment is subject to the approval of shareholders in the ensuing annual general meeting. The overall dividend for FY2021 including proposed final dividend is ₹8 per share.
Shares of ICICI Lombard General Insurance gained 2.08% to close at ₹1416.95 on Friday on BSE, while the benchmark index, Sensex gained 0.06% to close at 48832.03 points.
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