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Private sector ICICI Lombard General Insurance has posted a 23 per cent increase in net profit in the third quarter of the fiscal. The general insurer registered net profit of ₹294.11 crore in the quarter ended December 31, 2019, against ₹239.14 crore a year ago.
Gross premium written was flat at ₹3,769.46 crore in the third quarter against ₹3,769 crore a year ago. “Excluding crop segment, gross direct premium income of the company increased to ₹3,672 crore in the third quarter of the fiscal when compared to ₹3,389 crore in the third quarter of last fiscal, registering growth of 8.3 per cent,” it said in a statement on Friday, adding that the industry growth (excluding crop segment) for the third quarter was 10.9 per cent.
Solvency ratio was 2.18 times at December 31, 2019, against 2.26 times at September 30, 2019, and higher than the minimum regulatory requirement of 1.50 times. Its combined ratio stood at 98.7 per cent in the quarter under review against 95.9 per cent in the same period last fiscal.
The insurer’s scrip closed 0.17 per cent lower at ₹ 1,411.35 apiece on the BSE.
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