On Friday, private sector general insurer ICICI Lombard reported a 7.6 per cent drop in gross direct premium income (GDPI) at Rs 3,487 crore for June quarter. Whereas, the same quarter a year ago was reported Rs 3,774 crore.
Therefore, the insurer said excluding the crop segment, the GDPI increased 17.7 per cent to Rs 3,488 crore in Q1 of FY2020 from Rs 2,964 crore in the year-ago period. This was higher than the industry growth (excluding crop) rate of 13.6 per cent.
The company’s profit before tax (PBT) grew 7.2 per cent to Rs 475 crore in Q1 of FY2020 from Rs 443 crore in the year-ago period on account of lower capital gains. Capital gains were 29.6 per cent lower at Rs 138 crore in Q1 of FY2020 compared with Rs 196 crore in Q1 of FY2019.