ICICI Lombard General Insurance Company reported 35.02% rise in net profit to Rs 415.74 crore in Q2 FY21 as against Rs 307.91 crore in Q2 FY20.
Total income increased by 5.28% to Rs 2883.40 crore in Q2 September 2020 compared with Rs 2738.92 crore in Q2 September 2019.
Profit before tax in the second quarter stood at Rs 554.57 crore, up by 20.28% from Rs 461.06 crore the same period last year.
Capital gains were at Rs 124 crore in Q2 FY2021 compared with Rs 69 crore in Q2 FY2020, registering a growth of 79.71%.
The company's provision for tax declined by 9.35% year-on-year (YoY) to Rs 138.83 crore during the quarter.
Gross Direct Premium Income (GDPI) of the company was at Rs 3,189 crore in Q2 FY2021 compared to Rs 2,953 crore in Q2 FY2020, a growth of 8%. Excluding crop segment, GDPI of the company increased to Rs 3,186 crore in Q2 FY2021 compared to Rs 2,898 crore in Q2 FY2020, registering a growth of 9.9%. This was higher than the industry growth (excluding crop segment) for Q2 FY2021 of 9.2%.
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Combined ratio stood at 99.7% in Q2 FY2021 compared to 102.6% in Q2 FY2020.
The insurance company's return on average equity (ROAE) was 24.7% in Q2 FY2021 compared to 22% in Q2 FY2020.
Solvency ratio was 2.74x at 30 September 2020 as against 2.50x at 30 June 2020 and higher than the minimum regulatory requirement of 1.50x.
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.
The scrip gained 0.08% to Rs 1257.50 on Friday. In the past six months, the stock has added 5.57% while the benchmark S&P BSE Sensex gained 27.69% during the same period.
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