ICICI Lombard General Insurance Company reported a 24% rise in net profit to Rs 281.93 crore in Q4 March 2020 compared with Rs 227.73 crore in Q4 March 2019.Gross premium written declined 8.4% to Rs 3231.58 crore in Q4 March 2020 over Q4 March 2019. Net premium written declined 1.2% to Rs 2431.53 crore in Q4 March 2020 over Q4 March 2019. Net premium earned rose 6.74% to Rs 2345.55 crore in Q4 March 2020 over Q4 March 2019.
Net profit gained 13.7% to Rs 1193.76 crore in the year ended March 2020 (FY2020) as against Rs 1049.27 crore in the year ended March 2019 (FY2019). Net premium earned climbed 12.28% to Rs 9,403.52 crore in FY2020 from Rs 8,375.35 crore in FY2019.
Gross Direct Premium Income (GDPI) of the Company stood at Rs 13313 crore in FY2020 compared to Rs 14488 crore in FY2019, a de-growth of 8.1%. Excluding crop segment, GDPI of the company increased to Rs 13302 crore in FY2020 compared to Rs 12036 in in FY2019, registering a growth of 10.5%. This was in line with theindustry growth (excluding crop segment).
Combined ratio stood at 100.4% in FY2020 compared to 98.8% in FY2019 primarily on account of long-term motor policies, change in product-mix and losses from catastrophic events.
Return on Average Equity (ROAE) was 20.8% in FY2020 compared to 21.3% in FY2019. Solvency ratio was 2.17x at 31 March 2020 as against 2.18x at 31 December 2019 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.24x at 31 March 2019.
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 fell 5.69% to Rs 1215.10 on BSE. The result was declared on Sunday, 3 May 2020.
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