ICICI Lombard PAT grows 43.6% to Rs 2.93 billion, premiums up 11%

The company inherited Rs 250 million in losses, as a result of the large scale flooding in Kerala in August

ICICI Lombard General Insurance registered a 43.6 per cent growth in profit after tax (PAT) for the quarter ended September 30, 2018, to Rs 2.93 billion, as compared to Rs 2.04 billion in the corresponding quarter of the previous financial year.

The gross direct premium income for the general insurer grew 11.3 per cent from Rs 31.73 billion in Q2FY18 to Rs 35.3 billion at the end of Q2FY19. Motor insurance continues to be the largest contributor to the company's premium revenue. The segment registered Rs 12.1 billion in net premium earned (NPE) in Q2, as against Rs 10 billion