Signals, Powered By EquityPandit
ICICI Lombard General Insurance‘s net profit for the July-September quarter was reported at Rs. 293.10 crores, increasing 43.6 per cent year-on-year basis on the back of reduction in expenses. The company’s net profit in the corresponding quarter of 2017-18 stood at Rs 204 crores.
The company said in the regulatory filings that the Gross direct premium income (GDPI) increased to Rs. 7,305 crores in the first half of the fiscal, posting a growth of 12.5 per cent. In Q2, the non-life insurer had a GDPI of Rs. 3,530 crores, up 11.3 per cent YoY.
The combined ratio (the measure of claims paid versus premiums collected) improved to 101.1 per cent in the second quarter from 102.9 per cent in the same quarter a year ago (the combined ratio was 99.9 per cent in the second quarter excluding the impact of Kerala floods), it added.
ICICI Lombard said that its profit before tax (PBT) and profit after tax (PAT)/ net profit includes a one-off impact of Rs 580 million recovered on account of doubtful reinsurance recoverable already provided in earlier years.
The Board of Directors of the company has also declared an interim dividend of Rs 2.50 per share for first half of 2018-19. The Board after its meeting, appointed Lalita D Gupte as a non-executive chairperson of the board of directors along with Vinod Mahajan, as the Chief Investment Officer of the company with immediate effect.
