ICICI Lombard General Insurance Company on Friday reported a net profit of Rs 308 crore for the second quarter, a rise of 5.11% compared to the year-ago period.
Gross direct premium income (GDPI) was at Rs 2,953 crore for the reviewed quarter, compared with Rs 3,530 crore in the same quarter last year, a fall of 16.34%.
ICICI Lombard largely stayed away from new crop business due to the hardening of reinsurance rates and that can be one of the reason for dip in GDPI.
Excluding the crop segment, GDPI increased to Rs 2,898 crore, compared with Rs 2,530 crore in Q2FY19, a growth of 14.5%, the company said in an exchange filing. The industry growth (excluding crop segment) for Q2 FY20 was 15.4%.