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ICICI Lombard General Insurance Company today posted 18 per cent rise in net profit at ₹ 212 crore for the quarter ended March 31, 2018.
The company logged a net profit of ₹ 180 crore in January-March quarter of 2016-17.
The gross direct premium income (GDPI) was up 9.8 per cent to ₹ 2,926 crore as against GDPI of ₹2,666 crore in the year-ago quarter, the company said in a statement.
On yearly basis, the net profit grew 22.8 per cent to ₹ 862 crore from ₹ 702 crore in 2016-17, it said.
GDPI in 2017-18 financial year increased to ₹ 12,357 crore from ₹10,725 crore in the preceding year.
The company’s combined ratio improved to 100.2 per cent as compared to 103.9 per cent in 2016-17 driven by reduction in loss ratio to 76.9 per cent from 80.4 per cent in the preceding year, in spite of adverse crop loss experience.
Among other parameters, the return on average equity was 20.8 per cent in 2017-18 as compared to 20.3 per cent in 2016-17.
The company paid an interim dividend of ₹ 1.50 per share during the year.
“The Board has proposed final dividend of ₹ 2.50 per share for 2017-18 subject to necessary approval of shareholders. The overall dividend for 2017-18 including proposed final divided is Rs 4 per share,” it said in the statement.
The company’s net worth was ₹ 4,541 crore as on March 31, 2018 as against ₹ 3,727 crore at the end of 2016-17.
Stock of ICICI Lombard closed 0.35 per cent up at ₹ 775.70 on BSE.
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