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ICICI Lombard General Insurance Company posted a 7.1 per cent growth in net profit at ₹310 crore for the quarter ended June 30, 2019.
The private sector insurer had posted a net profit of ₹289 crore for the same period a year ago.
The company’s gross direct premium income (GDPI) declined by 7.6 per cent to ₹3,487 crore in the first quarter of the financial year, against ₹3,774 crore in the same period a year ago.
Excluding the crop segment, the insurer’s GDPI increased by 17.7 per cent to ₹3,488 crore in April-June quarter this fiscal against ₹2,964 crore a year ago.
“The combined ratio stood at 100.4 per cent in the first quarter of 2019-20 from 98.8 per cent a year ago, primarily on account of long-term motor policies and losses from cyclone Fani,” the insurer said in a statement on Friday.
Its scrip fell 0.34 per cent to close at ₹1,088.50 apiece on the BSE.
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