ICICI Lombard General Insurance Company reported 6.6% rise in net profit to Rs 313.53 crore on a 9.7% rise in total income to Rs 3,198.87 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 December 2020 stood at Rs 418.23 crore, up by 7.3% from Rs 389.92 crore in Q3 December 2019. Current tax expenses during the quarter increased by 9.3% year-on-year (YoY) to Rs 104.70 crore.
Capital gains increased 6.35 times to Rs 108 crore in Q3 FY2021 from Rs 17 crore in Q3 FY2020.
Gross Direct Premium Income (GDPI) of the company increased to Rs 4,034 crore in Q3 FY2021 compared to Rs 3,693 crore in Q3 FY2020, registering a growth of 9.2%. The industry growth for Q3 FY2021 was 4.9%.
Combined ratio improved to 97.9% in Q3 FY2021 compared to 98.7% in Q3 FY2020.
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The general insurer's return on average equity (ROAE) was 17.6% in the third quarter compared to 20.3% in the same period last year.
Solvency ratio was 2.76x at 31 December 2020 as against 2.74x at 30 September 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 was down 2.70% at Rs 1468.65. In the past three months, the stock has added 17.85% while the benchmark Sensex has gained 22.29% during the same period.
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