ICICI Lombard General Insurance Q1 net profit up by 28.5 per cent in FY21
ICICI Lombard General Insurance announced its first quarter results on July 17, 2020. The company posted profit after tax of Rs 398 crore in Q1FY21 that grew by 28.5 per cent YoY compared to Rs 310 crore in Q1FY20.
Operating profit of the company came in at Rs 443.99 crore which grew by 18.06 per cent YoY, as against Rs 374.33 crore reported in Q1FY20.
Gross Direct Premium Income (GDPI) of the company stood at Rs 3,302 crore in Q1FY21 which declined by 5.3 per cent YoY compared to Rs 3,487 crore in Q1FY20.
Excluding crop segment, GDPI of the company reduced to Rs 3,274 crore in Q1FY21, which declined by 6.2 per cent YoY compared to Rs 3,488 crore in Q1FY20. De-growth across industry was because of to Covid-19 pandemic.
Combined ratio reported by the company stood at 99.7 per cent in Q1FY21 declined by 0.7 per cent YoY, as against 100.4 per cent in Q1FY20, which was primarily driven by Covid-19 pandemic despite losses incurred due to catastrophic events.
Solvency ratio was 2.50x in Q1FY21 as against 2.2x in Q1FY20, which is higher than the minimum regulatory requirement of 1.50x.
The stock closed with a growth of 3.15 per cent at Rs1,288.8 with on BSE.
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Particulars
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Q1FY21 (Rs in cr)
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Q1FY20 (Rs in cr)
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per cent change
|
|
PAT
|
398.00
|
310.00
|
28.5
|
|
Operating Profit
|
443.99
|
374.33
|
18.06
|
|
GDPI
|
3,302.00
|
3,487.00
|
-5.3
|
|
Combined Ratio (%)
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99.7
|
100.4
|
-0.7
|
|
Solvency Ratio
|
2.5
|
2.2
|
0.3
|