ICICI Lombard Q2 net profit rises 35% on improved underwriting practices

Private sector general insurer ICICI Lombard General Insurance reported a 35 per cent jump in net profit at Rs 416 crore in Q2FY21, compared to Rs 308 crore in the same period last year, driven by improved underwriting practices. Profits were also aided by the investment income which rose more than 8 per cent.
 

The company reported a combined ratio of 99.7 per cent in Q2FY21, compared to 102.6 per cent in Q2FY20. Combined ratio is the measure of profitability of a general insurance company.
 

Premiums underwritten by the insurer in Q2FY21 were up 8 per cent at Rs 3,189