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Private sector insurer ICICI Lombard General Insurance has posted a 43.6 per cent increase in its net profit to ₹293 crore in the second quarter of the fiscal compared to ₹204 crore a year ago.
Profit before tax grew 56.8 per cent to ₹449 crore in the quarter ended September 30, 2018 as against ₹268 crore in the same period a year ago.
“Profit before tax and net profit include a one-off impact of ₹58 crore recovered on account of doubtful reinsurance recoverable already provided in earlier years,” the company said in a statement on Saturday.
PBT and net profit grew by 36.6 per cent and 25.1 per cent respectively in second quarter of 2018-19 excluding the one-off impact.
Gross direct premium income increased by 11.3 per cent to ₹3,530 crore (₹3,173 crore) . GDPI for the industry registered a 13.3 per cent growth in the same period.
Combined ratio improved to 101.1 per cent in the July to September quarter this fiscal from 102.9 per cent a year ago. The combined ratio was 99.9 per cent in the second quarter excluding the impact of Kerala floods.
Solvency ratio was 2.10x this quarter as against 2.18x in he corresponding quarter last year and higher than the minimum regulatory requirement of 1.50x, the company said.
The board has declared interim dividend of ₹2.50 per share for the first half of the fiscal.
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