 "ICICI Lombard")
Private sector general insurer ICICI Lombard has reported a 62 per cent decline in net profit at Rs 151.63 crore in April-June quarter of FY22 as its underwriting losses mounted on account of higher Covid claims.
In the April-June quarter, the insurer posted an underwriting loss of Rs 508.16 crore against an underwriting profit of Rs 38.16 crore in the year-ago period. In the March quarter, it had reported an underwriting loss of Rs 91.29 crore.
The combined ratio of the insurer stood at 121.3 per cent in Q1 against 99.7 per cent in Q1FY21, primarily driven by Covid-19 impact. The impact
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