Insurer ICICI Lombard fourth quarter profit rises 23% to Rs 346 crore

ICICI Lombard General Insurance Company on Saturday reported 23 per cent rise in net profit at Rs 346 crore for March quarter 2020-21.

The non-life insurer had posted a net profit of Rs 282 crore in the corresponding period of 2019-20.

The gross direct premium income (GDPI) of the company stood at Rs 3,478 crore in the quarter under review as compared to Rs 3,181 crore in the year-ago period, ICICI Lombard said in a statement.

For the full year 2020-21, the profit after tax or net profit increased 23.4 per cent to Rs 1,473 crore from Rs 1,194 crore in the preceding fiscal year.

GDPI of the company stood at Rs 14,003 crore in last fiscal year as compared to Rs 13,313 crore in 2019-20, it said.

"Solvency ratio was 2.90x at March 31, 2021 as against 2.76x at December 31, 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at March 31, 2020," it said.

The company recommended a final dividend of Rs 4 per equity share or 40 per cent of face value of Rs 10 each for financial year ended March 31, 2021, it said.