Private sector ICICI Lombard General Insurance, on Thursday, announced a 7.5 per cent increase in net profit at ₹227.73 crore for the fourth quarter of 2018-19, led by healthy growth in gross written premium.
Its net profit amounted to ₹211.87 crore for the quarter ended March 31, 2018.
The insurer reported a gross premium written of ₹3,527.89 crore for the January to March 2019 quarter, against ₹2,969.98 crore a year ago.
Gross domestic premium income of the insurer increased by 19.1 per cent to ₹3,485 crore in the fourth quarter of the fiscal from ₹2,926 crore a year ago. “Excluding crop segment, the GDPI growth for the fourth quarter of the fiscal was 29.4 per cent,” the insurer said.
The combined ratio improved to 98 per cent in the January to March 2019 quarter from 99.5 per cent in the same period a year ago. “It has been an excellent year with robust topline growth,” said Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance.
For 2018-19, the insurer reported a 21.8 per cent increase in net profit to ₹1,049 crore against ₹862 crore in 2017-18.
Its solvency ratio was 2.24 times at March 31, 2019, against 2.05 times at March 31, 2018. The company also paid an interim dividend of ₹2.50 per share during the year. “The board of directors has proposed a final dividend of ₹3.50 per share for 2018-19,” it said in a statement.
Its scrip gained 0.49 per cent and closed at ₹1,092.20 apiece on the BSE.