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ICICI Lombard General Insurance posted a 23.8 per cent increase in its net profit during the fourth quarter of 2019-20 at ₹281.91 crore. Its net profit stood at ₹227.73 crore in the same period a year ago.
Gross premium written fell by eight per cent to ₹3,231.58 crore in the quarter ended March 31, 2020 as against ₹3,527.89 crore in the same period a year ago.
Net premium written however increased by 6.7 per cent to ₹2,345.55 crore in the fourth quarter of the fiscal versus ₹2,197.47 crore a year ago.
For the full financial year 2019-20, net profit grew by 13.8 per cent to ₹1,194 crore as compared to ₹1,049 crore in 2018-19.
“Gross direct premium income (GDPI) stood at ₹3,181 crore in the fourth quarter compared to ₹3,485 crore a year ago,” ICICI Lombard said in a statement on Saturday.
Excluding crop segment, GDPI of the company increased to ₹3,244 crore in the fourth quarter compared to ₹3,153 crore a year ago, a registering a growth of 2.9 per cent, it further said.
“The industry growth (excluding crop segment) for the fourth quarter of the fiscal was 4.3 per cent,” noted Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard.
The insurer’s solvency ratio was 2.17x at March 31, 2020 as against 2.18x at December 31, 2019 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.24x as on March 31, 2019.
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