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ICICI Lombard General Insurance net up 5.5 per cent in Q3 ICICI Lombard General Insurance Company Ltd (IGLI) on Tuesday reported a 5.5 per cent increase in net profit for the third quarter ended December 30, 2017 at Rs 232 crore (Rs 220 crore).
The third quarter bottomline performance was also higher than the net profit of Rs 204.04 crore recorded in the second quarter ended September 30, 2017.
“Our Profit After Tax (PAT) growth for the quarter under review (third quarter) has been bit muted. This is largely because in the same quarter previous year (2016) we had a one time write back of tax provision of Rs 40 crore. If we adjust for that, our PAT growth would have been 28 percent this quarter over the same quarter in previous year”, Bhargav Dasgupta, Managing Director & CEO, ICICI Lombard General Insurance told mediapersons after Q3 results were announced.
For the third quarter ended December 31, 2017, IGLI recorded 17.8 percent increase in Gross Direct Premium Income at Rs 2,937 crore (Rs 2,494 crore)
Combined ratio improved to 96 per cent in third quarter this fiscal from 106.6 per cent in the quarter ended December 2016.
This is the second time the company is reporting quarterly result after going public in September last year.
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