ICICI Lombard General Insurance Q2 profit rises 19% to Rs 204 cr

ICICI Lombard approved payment of second interim dividend of Re 0.75 per equity share of face value of Rs 10 each

Private sector ICICI Lombard General Insurance on Tuesday reported a 19.3 per cent increase in net profit at Rs 204.04 crore for the quarter ended September.

A subsidiary of ICICI Bank, the general insurance firm had earned a profit of Rs 170.95 crore in the same quarter of the previous fiscal.

Total income also rose to Rs 2,098.05 crore for the quarter, from Rs 1,948.31 crore in the year-ago period, ICICI Lombard General Insurance said in a filing to stock exchanges.

This is the first quarterly result of the company after going public last month.

During the quarter, the company's gross premium written rose to Rs 3,234.19 crore as compared to Rs 2,752.66 crore in the year-ago period.

The underwriting loss of the company came down to Rs 85.07 crore as compared to Rs 127.75 crore in the same quarter a year ago.

ICICI Lombard has approved payment of second interim dividend of Re 0.75 per equity share of face value of Rs 10 each.

The board would consider dividend on half-yearly basis, it said.

During the half year ended September, ICICI Lombard's profit rose by 38.5 per cent to Rs 418 crore as compared to Rs 302 crore same period a year ago.

Solvency ratio improved to 2.18 times at the end of September as against 2.03 times in September, 2016. The regulatory requirement is 1.50 times.