ICICI Lombard Q1 net profit up 28% at Rs 398 cr but GDPI dips 5.3%

The combined ratio stood at 99.7 per cent compared to 100.4 per cent in the same period, primarily driven by Covid-19 pandemic despite losses incurred due to catastrophic events

Private sector non-life insurer ICICI Lombard General Insurance has reported a profit after tax of Rs 398 crore in the first quarter of the current financial year, up 28.5 per cent from Rs 310 crore in Q1 FY20.

However, the gross direct premium income (GDPI) had a de-growth of 5.3 per cent to Rs 3,302 crore in Q1 FY21 compared to Rs 3,487 crore in the same period of previous fiscal.

Excluding the crop segment, GDPI dipped by 6.2 per cent to Rs 3,274 crore as compared to Rs 3,488 crore, the company said in regulatory filings at stock exchanges