ICICI Lombard records 5.5% increase in the net profit

The third quarter net profit of ICICI Lombard General Insurance was recorded at a 5.5% increase at Rs. 232 crore (Rs. 220 crore in the year-ago period).

“Our profit after tax (PAT) growth for the quarter under review (third quarter) has been a bit muted. This is largely because in the same quarter of the previous year (2016) we had a onetime write-back of excess tax provision of Rs. 40 crore. If we adjust for that, our PAT growth would have been 28 per cent this quarter over the same quarter in the previous year,” said Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance.

For the quarter ended December 31, 2017 , the company recorded an increase of 17.8 % in gross direct premium income at Rs. 2,937 crore.

Combined ratio improved to 96 % from 106.6 % in the quarter ended December 2016.

Bhargav also said that the company was not looking to raise fresh capital to fund business growth. He said that the solvency ratio was at a healthy 2.21x at December 31, 2017, and this was higher than the minimum regulatory requirement of 1.5x.