As the quarter ended in September 30, 2019, ICICI Lombard General Insurance recorded a 5% growth in net profit due to long-term motor policies and losses from natural disasters in various states.
The insurer’s net profit grew to Rs 307.9 crore from .Rs 293 crore during the same quarter a year ago. The company has also announced a payment of interim dividend of .Rs 3.5 per equity share of face value of .Rs 10 each, for the half-year ended on September 30, 2019.
Meanwhile, the insurer also recorded combined ratio, a measure of profitability, grew 102.6% from 101.1% as a result of increase in claims.
The company maintained its guidance on return on average equity at over 20%. As the company stayed away from writing crop insurance, gross domestic premium income fell 16% to Rs 2,953 crore.
“Over the last three years we have seen crop insurance rates hardening,” said Bhargav Dasgupta, MD, ICICI Lombard General Insurance.
