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ICICI Lombard General Insurance reported a 9.6 per cent drop in its net profit for the quarter ended March 31, 2022, to ₹312.51 crore. Its net profit was ₹345.68 crore in the same period of the previous fiscal.
Gross premiums written stood at ₹5,000.74 crore in the fourth quarter of the last fiscal, up from ₹3,559.87 crore a year ago.
“The effect of the de-merger in the financials has been incorporated in the form of opening net worth as on April 1, 2021. Further, the financials for the current year represent numbers of the merged entity,” the non-life insurer said on Thursday, adding that the comparative numbers for the previous year in the financials pertain to standalone ICICI Lombard and hence are not comparable.
Gross direct premium income (GDPI) of the insurer was ₹4,666 crore in Q4 FY22 against ₹3,478 crore a year ago.
“Excluding crop segment, GDPI of the company was at ₹4,655 crore in Q4 FY22 against ₹3,478 crore a year ago,” it added.
For the full fiscal year FY22, the insurer’s net profit declined 13.7 per cent to ₹1,271.01 crore from ₹1,473.05 crore in FY21.
“The board of directors of the company has proposed final dividend of ₹5 per share for FY22,” the insurer said, adding that the overall dividend, including proposed final dividend, is ₹9 per share.
Solvency ratio was 2.46x at March 31, 2022, against 2.45x at December 31, 2021, and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.90x at March 31, 2021.
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