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ICICI Lombard General Insurance Q2 profit rises 19% to Rs 204 cr

ICICI Lombard approved payment of second interim dividend of Re 0.75 per equity share of face value of Rs 10 each

Press Trust of India  |  New Delhi 

ICICI Lombard
(From left to right) File photo of Chanda Kochhar, Chairperson, ICICI Lombard General Insurance and Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance. Photo: Kamkesh Pednekar

Private sector Lombard General on Tuesday reported a 19.3 per cent increase in net profit at Rs 204.04 crore for the quarter ended September.

A subsidiary of Bank, the general firm had earned a profit of Rs 170.95 crore in the same quarter of the previous fiscal.


Total also rose to Rs 2,098.05 crore for the quarter, from Rs 1,948.31 crore in the year-ago period, Lombard General said in a filing to stock exchanges.

This is the first quarterly result of the company after going public last month.

During the quarter, the company's gross premium written rose to Rs 3,234.19 crore as compared to Rs 2,752.66 crore in the year-ago period.

The underwriting loss of the company came down to Rs 85.07 crore as compared to Rs 127.75 crore in the same quarter a year ago.

Lombard has approved payment of second interim dividend of Re 0.75 per equity share of face value of Rs 10 each.

The board would consider dividend on half-yearly basis, it said.

During the half year ended September, Lombard's profit rose by 38.5 per cent to Rs 418 crore as compared to Rs 302 crore same period a year ago.

Solvency ratio improved to 2.18 times at the end of September as against 2.03 times in September, 2016. The regulatory requirement is 1.50 times.

First Published: Tue, October 17 2017. 14:35 IST
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