Money & Banking

ICICI Lombard General registers 35% increase in Q2 profit

Our Bureau. Mumbai | Updated on October 23, 2020 Published on October 23, 2020

Private sector ICICI Lombard General Insurance reported a 35 per cent increase in net profit to ₹415.74 crore in the second quarter this fiscal from ₹307.91 crore a year ago.

Its total income increased by 5.3 per cent to ₹2,883.4 crore in the quarter ended September 30, 2020, from ₹2,738.92 crore a year ago.

Gross premiums written grew by 7.4 per cent on a year-on-year basis to ₹3,254.51 crore in the second quarter of the fiscal.

“Solvency ratio was 2.74x at September 30, 2020, against 2.50x at June 30, 2020, and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at March 31, 2020,” ICICI Lombard said in a statement on Friday.

Its combined ratio stood at 99.7 per cent in the second quarter this fiscal when compared to 102.6 per cent in the corresponding period last fiscal.

“Excluding the impact of flood and cyclone losses of ₹46 crore, the combined ratio was 97.9 per cent in the second quarter of the fiscal against 100.7 per cent a year ago, excluding the impact of cyclone and flood losses of ₹45 crore,” it further said.

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Published on October 23, 2020
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