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Private sector ICICI Lombard General Insurance reported a 22.6 per cent increase in its fourth quarter net profit at Rs 345.68 crore compared to Rs 281.93 crore in the same period in 2019-20.
For the fiscal year 2020-21, its net profit increased by 23.4 per cent to Rs 1,473.05 crore as against Rs 1,193.76 crore in 2019-20.
For the quarter ended March 31, 2021, its gross direct premium income increased by 9.4 per cent to Rs 3,478 crore as against Rs 3,181 crore in the same period in the previous fiscal.
Combined ratio stood at 101.8 per cent in the fourth quarter of 2020-21 versus 100.1 per cent in the fourth quarter of 2019-20.
Solvency ratio was 2.90x at March 31, 2021 as against 2.76x at December 31, 2020 and 2.17x at March 31, 2020.
“The company paid an interim dividend of ₹ 4 share during the year. The board of directors of the company has proposed final dividend of ₹ 4 per share for 2020-21,” it said in a statement, adding that the payment is subject to the approval of shareholders in the ensuing Annual General Meeting. The overall dividend for 2020-21 including proposed final dividend is ₹8 per share.
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