Money & Banking

ICICI Lombard posts 35% increase in net profit; shares climb 5.5%

Surabhi | Updated on July 17, 2018 Published on July 17, 2018

Private sector ICICI Lombard General Insurance has recorded a 35.1 per cent increase in its net profit at Rs 289 crore for the quarter ended June 30, 2018. Its net profit stood at Rs 214 crore in the first quarter of 2017-18.

Goss direct premium income increased by 13.7 per cent to Rs 3,774 crore in the first quarter of this fiscal compared with Rs 3,321 crore a year ago.

“Market share increased to 10.1 per cent in the first quarter of the fiscal compared with 10 per cent a year ago,” the non-life insurer said in a release.

Its solvency ratio also improved to 2.04 per cent in the first quarter of the fiscal against 2.13 per cent as of June 30, 2017 and 2.05 per cent as of March 31, 2018.

ICICI Lombard General Insurance shares jumped as much as 5.5 per cent to Rs 750.25 on the BSE.

Published on July 17, 2018
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