ICICI Lombard net profit falls 9.5% in Q4, blames Covid and accounting rule

The company has proposed a dividend of Rs 5 per equity share for the financial year ended March 31, 2022

ICICI Lombard general insurance has reported a 9.53 per cent year-on-year (YoY) drop in net profit in the January-March quarter of FY22, linking the decline to the third wave of Covid-19 and accounting principles that required the company to take the cost upfront.

The net profit of India’s largest private sector general insurer, in Q4FY22 totaled to Rs 313 crore compared to Rs 346 crore in the same period a year ago. For the full year, the company earned a net profit of Rs 1,271 crore, down 13.7 per cent from Rs 1,473 crore in FY21.

The company has proposed