Money & Banking

ICICI Lombard Q2 net rises 7.4%

Our Bureau Mumbai | Updated on October 21, 2021

The firm posted a 32% increase in its net premium income to ₹3,250.29 crore

ICICI Lombard General Insurance reported a 7.4 per cent jump in its net profit for the second quarter of the fiscal at ₹446.67 crore. Its net profit was ₹415.74 crore in the same period last fiscal.

“The financials for the current year represent numbers of the merged entity, accordingly the first quarter of 2021-22 has been restated. The comparative numbers for the previous year in the financials pertain to standalone ICICI Lombard and hence are not comparable,” ICICI Lombard General Insurance said in a statement on Thursday.

This follows its acquisition of the non-life insurance business of Bharti AXA General Insurance. On September 3, the firm had announced that it had received regulatory and other approvals from IRDAI for the demerger of general insurance business of Bharti AXA General.

Premium income

For the quarter-ended September 30, 2021, ICICI Lombard posted a 32 per cent increase in its net premium income to ₹3,250.29 crore as against ₹2,462.52 crore in the corresponding quarter in 2020-21.

Net income from investments also soared by 35 per cent on a year-on-year basis to ₹551.75 crore in the second quarter of the fiscal.

Claims paid by the general insurer shot up by 76.6 per cent to ₹2,119.32 crore in the second quarter of the fiscal from ₹1,200.27 crore a year ago.

Claims for the first half of the fiscal include impact of Covid claims on health book of ₹561 crore as against ₹115 crore in the first half of 2020-21 and ₹339 crore in the fiscal year 2020-21, it said in its investor presentation.

Combined ratio stood at 105.3 per cent in the second quarter of the fiscal as against 99.7 per cent a year ago. Solvency ratio stood at 2.49x as at September 30, 2021 as against 2.61x at June 30, 2021.

The board of directors of the company declared an interim dividend of ₹4 per share for the first half of the fiscal year.

Published on October 21, 2021

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