ICICI Lombard Q2 net income rises to Rs 446 cr as COVID claims dip

By: |
October 21, 2021 11:38 PM

The company's profit from investments rose to Rs 144 crore in the September quarter from Rs 124 crore in the year-ago period.

ICICI-LombardThe company's profit from investments rose to Rs 144 crore in the September quarter from Rs 124 crore in the year-ago period

Private sector non-life player ICICI Lombard on Thursday reported a marginal increase in net income at Rs 446 crore for the three months to September compared to the year-ago period, boosted by lower COVID claims at Rs 180 crore. In the same period a year ago, the company’s net income stood at Rs 416 crore.

In the previous quarter ended June, the company had reported a whopping Rs 602 crore loss on the health book due to COVID claims, pulling down its net profit in that quarter by 62 per cent to Rs 152 crore for that period, according to a release.

The company’s profit from investments rose to Rs 144 crore in the September quarter from Rs 124 crore in the year-ago period. Gross Direct Premium Income (GDPI) was at Rs 4,424 crore in the September quarter compared to Rs 3,189 crore in Q2 FY21. Excluding crop segment, GDPI increased to Rs 3,841 crore up from Rs 3,186 crore. The industry growth, excluding crop segment, was at 17.5 per cent.

In the six months ended September, GDPI rose to Rs 8,613 crore from Rs 6,491 crore in the year-ago period. Excluding crop segment, GDPI went up to Rs 8,030 crore as against Rs 6,459 crore. The industry growth of GDPI, excluding crop segment, was at 16.9 per cent.

The combined ratio was 105.3 per cent in the latest September quarter as against 99.7 per cent in the year-ago period. Excluding the impact of floods and cyclone losses of Rs 50 crore, it was at 103.7 per cent as against 96.6 per cent, excluding the impact of cyclones and floods losses of Rs 77 crore.

The company’s solvency ratio was 2.49 times in September as against 2.61 times in June and higher than the minimum regulatory requirement of 1.50 times. Solvency ratio was 2.90 times in March 2021.

ICICI Lombard’s board has declared an interim dividend of Rs 4 per share for the first six months of this fiscal.
Ahead of the earnings announcement in the evening, the company’s stocks closed marginally lower at Rs 1,500.10 apiece on the BSE.

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