ICICI Lombard Q2 net up 43.6% to Rs 2.93 bn, interim dividend announced

The Board of Directors has also declared an interim dividend of Rs 2.50 per share for first half of 2018-19

ICICI Lombard General Insurance Company Saturday reported a jump of 43.6 per cent in net profit to Rs 2.93 billion for the second quarter ended September this financial year.

The company's net profit in the corresponding July-September quarter of 2017-18 was at Rs 2.04 billion.

The gross direct premium income (GDPI) of the company increased to Rs 35.3 billion in the September quarter, registering a growth of 11.3 per cent over Rs 31.73 billion in the same period previous financial year, ICICI Lombard said in a regulatory filing.

The combined ratio improved to 101.1 per cent in the second quarter from 102.9 per cent in the same quarter a year ago (the combined ratio was 99.9 per cent in the second quarter excluding the impact of Kerala floods), it added.

The Board of Directors of the company has also declared an interim dividend of Rs 2.50 per share for first half of 2018-19.

ICICI Lombard said that its profit before tax (PBT) and profit after tax (PAT)/ net profit includes a one-off impact of Rs 580 million recovered on account of doubtful reinsurance recoverable already provided in earlier years.

Profit before and after tax grew by 36.6 per cent and 25.1 per cent, respectively, in the second quarter of the financial year excluding the one-off impact.

ICICI Lombard General Insurance Coffersy offer products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

As an outcome of the board meeting, the company said that Lalita D Gupte has been appointed a non-executive chairperson of the board of directors of the company with immediate effect.

Vinod Mahajan has been appointed as the Chief Investment Officer of the company with immediate effect, it said.