ICICI Lombard General Insurance Company reported 1.28% increase in net profit to Rs 317.5 crore on a 26% increase in total income to Rs 3854.14 crore in Q3 FY22 over Q3 FY21.
Profit before tax grew marginally to Rs 420.94 crore in Q3 FY22 from Rs 418.23 crore posted in Q3 FY21. The insurance company reported capital gains at Rs 131 crore in Q3 FY22 as against Rs 108 crore in Q3 FY21.Gross Direct Premium Income of the company stood at Rs 4,699 crore in Q3 FY22 as against Rs 4034 crore in Q3 FY21. Excluding crop segment, Gross Direct Premium income of the company was at Rs 4626 crore in Q3 FY22 as against Rs 4034 crore in Q3 FY21.
Combined ratio was at 104.5% in Q3 FY2022 as against 97.9% in Q3 FY2021. Solvency ratio stood at 2.45x as of 31 December 2021 as against 2.49x as of 30 September 2021, higher than the minimum regulatory requirement of 1.50x.
Meanwhile, return on average equity was 14.6% in Q3 FY22 as against 17.6% in Q3 FY21. The result was announced post market hours today, 19 January 2022.
ICICI Lombard General Insurance Company operates as a non-life insurer. The company offers motor, health, travel, business, personal accident, and home insurance, as well as claim settlements and renewals services.
Shares of ICICI Lombard General Insurance were trading 1.66% lower at Rs 1,420 on Wednesday.
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