ICICI Lombard Apr-Jun PAT up on high net premium earned, invest income
This story was originally published at 21:36 IST on 19 July 2024
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MUMBAI – Rise in net premium earned and income from investments lifted ICICI Lombard General Insurance Co Ltd's net profit for the quarter ended June by 49% on year to 5.8 bln rupees. Sequentially, the general insurer's bottomline was up nearly 12%.
The net premium earned during Apr-Jun rose 16% on year to 45.04 bln rupees and net income from investments increased over 31% on year to 8.45 bln rupees.
The company's combined ratio was 102.3% compared to 103.8% a year ago. A combined ratio above 100% indicates underwriting loss.
The loss ratio for motor third-party and own damage segments fell to 69.3% and 64.3% from 72.4% and 67.0% a year ago, respectively, in the overall portfolio. The loss ratio for health, travel and personal accident rose to 83.6% from 78.7% and that for the fire segment fell to 78.5% from 85.2%.
The solvency ratio was healthy at 2.56 times as on Jun 30.
Today, shares of ICICI Lombard General Insurance closed 1.5% lower at 1,881.40 rupees on the National Stock Exchange. End
Reported by Subhana Shaikh
Edited by Ashish Shirke
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