ICICI Lombard registers 25.9% growth in gross direct premiums in Q3FY19

Profit after tax of the company grew by 3.2 per cent in the third quarter of FY19 from Rs 232 crore to Rs 239 crore

Leading private non-life inusurer, ICICI Lombard General Insurance, has registered 25.9 per cent growth in the gross domestic premium collected in the third quarter of FY 19 from Rs 2,937 crore to Rs 3,699 crore.

In the first nine months of FY19, the company has registered a growth of 16.7 per cent in the gross premium collected from Rs 9,431 crore to Rs 11,003 crore.

The profit after tax of the company rose 3.2 per cent in the third quarter of FY19 from Rs 232 crore to Rs 239 crore. In the nine months of FY19, it posted a growth of 26.41 per cent from Rs 650 crore to Rs 822 crore.

Solvency ratio, which is a measure of a company’s cash flow that is sufficient to meet its short-term and long-term liabilities, was 2.12 in Q3 of FY19 as against 2.10 in Q2 of FY19.

The combined ratio of the company saw an improvement to 95.9 per cent in the third quarter of FY19 from 96 per cent in third quarter of FY18.

Combined ratio measures the money flowing out of an insurance company in the form of dividends expenses, and losses.

The company has also re-appointed Bhargav Dasgupta as the MD and CEO of the company for a period of five years with effect from May, 2019.

Also, Ashvin Parekh has been reappointed as the as non-executive, independent director of the company for a second five-year term, effective April 18, subject to approval of Insurance Regulatory and Development Authority of India and members of the Company.

The non-life insurer's shares ended 1.44 per cent lower at Rs 861.30 on the BSE on Friday.