ICICI Lombard General Insurance's Q4 profit rises by 18% to Rs 2 billion

The company logged a net profit of Rs 1.8 billion in January-March quarter of 2016-17

ICICI Lombard General Insurance Company on Wednesday posted 18 per cent rise in net profit at Rs 2.12 billion (Rs 212 crore) for the quarter ended March 31.

The company logged a net profit of Rs 1.8 billion (Rs 180 crore) in January-March quarter of 2016-17.

The gross direct premium income (GDFI) was up 9.8 per cent to Rs 29.26 billion (Rs 2,926 crore) as against GDFI of Rs 26.6 billion (Rs 2,666 crore) in the year-ago quarter, the company said in a statement.

On yearly basis, the net profit grew 22.8 per cent to Rs 8.6 billion (Rs 862 crore) from Rs 7 billion (Rs 702 crore) in 2016-17, it said.

GDPI in 2017-18 financial year increased to Rs 123.5 billion (Rs 12,357 crore) from Rs 107.3 billion (Rs 10,725 crore) in the preceding year.

The company's combined ratio improved to 100.2 per cent as compared to 103.9 per cent in 2016-17 driven by reduction in loss ratio to 76.9 per cent from 80.4 per cent in the preceding year, in spite of adverse crop loss experience.

Among other parameters, the return on average equity (ROE) was 20.8 per cent in 2017-18 as compared to 20.3 per cent in 2016-17.

ICICI Lombard said it became the 4th largest player in the general insurance market during 2017-18 and continued to strengthen its market leadership position among the private peers.

The company paid an interim dividend of Rs 1.50 per share during the year.

"The Board has proposed final dividend of Rs 2.50 per share for 2017-18 subject to necessary approval of shareholders. The overall dividend for 2017-18 including proposed final divided is Rs 4 per share," it said in the statement.

The company's net worth was Rs 45.4 billion (Rs 4,541 crore) as on March 31, 2018, as against Rs 37.3 billion (Rs 3,727 crore) at the end of 2016-17.

The stock of ICICI Lombard closed 0.35 per cent up at Rs 775.70 on BSE.