ICICI Lombard General Insurance's net profit fell by 8.5 per cent to Rs 119 crore in the last quarter ended March 31, 2016, primarily due to a large number of claims arising out of the devastating floods in Tamil Nadu in November-December last year.
The largest private sector non-life insurer had posted net profit of Rs 130 crore in the corresponding period of the last fiscal.
The drop in net was despite the fact that the company recorded higher premium in 2015-16 than the last fiscal.
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For the whole year too, the net fell by 5.4 per cent to Rs 507 crore from Rs 536 crore in the previous fiscal.
However, gross domestic written premium increased by 21.2 per cent to Rs 8090.7 crore in 2015-16. The industry growth in this segment stood at 13.8 per cent.
"The fall in net for the reporting period was due to the impact of Tamil Nadu floods," Sanjay Datta, ICICI Lombard Chief (underwriting and claims) told PTI.
"We have paid around Rs 400 crore for Tamil Nadu flood claims. In terms of claim amount paid by us during the TN floods, 30-40 per cent came from motor and the remaining from property. However, in terms of number of claims, we received 80 per cent of claims in TN floods from motor and the balance from property," he said.
The company continued to retain its leadership position among the private players and had a market share of about 8.4 per cent in the just concluded financial year.
