ICICI Lombard's pre-tax profit up 7% in Q4 on improved loss ratio

Underwriting losses narrowed down to Rs 29.42 crore in Q4FY20, from Rs 49.70 crore a year ago

Private sector non-life insurer ICICI Lombard reported a 7.27 per cent growth in pre-tax profit for the quarter ending March 2020 (Q4FY20) at Rs 371 crore. This was largely on account of an improvement in loss ratio across corporate segments such as fire insurance, and the no-loss situation in the crop insurance business as it generally shied away from the segment.

The insurer reported a net profit of Rs 282 crore in Q4FY20 compared to Rs 228 crore, registering a growth of 23.8 per cent on account of lower tax outgo for the quarter at Rs 88.7 crore (Rs 118