ICICI Lombard General Insurance Company's net profit jumped 22.6% to Rs 345.68 crore on a 22.2% surge in net sales to Rs 3,628.23 crore in Q4 FY21 over Q4 FY20.
Gross Direct Premium Income (GDPI) of the company stood at Rs 3,478 crore in Q4 FY2021 compared to Rs 3,181 crore in Q4 FY2020, registering a growth of 9.4% Y-o-Y (year-on-year). The industry growth for Q4 FY2021 was at 14%.
Combined ratio stood at 101.8% in Q4 FY2021 as against 100.1% in Q4 FY2020. Return on Average Equity (ROAE) was at 18.8% in Q4 FY2021 over 18.8% in Q4 FY2020. Solvency ratio was 2.90x at 31 March 2021 from 2.76x at 31 December 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at 31 March 2020.
The board recommendation of final dividend of Rs 4 per equity share i.e. at the rate of 40% of face value of Rs 10 each for the financial year ended 31 March 2021.
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 dropped 4.15% at Rs 1,358.20 on BSE. The stock hovered between Rs 1,335 to Rs 1,420 so far.
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