INSUBCONTINENT EXCLUSIVE:
MUMBAI: ICICI Lombard General Insurance reported 43.6 per cent growth in profit after tax during the second quarter ended September 30, 2018
partly on account of a one time gain and improvement in underwriting.
During the period profit rose to Rs 293 crore compared to Rs 204 crore
in the second quarter of last financial year
The company declared interim dividend of 2.50 per share for first half of the financial year 2018-19
The increase in profit includes a one off impact of Rs 58 crore recovered on account of doubtful reinsurance recoverable already provided
in earlier years, the company said in a statement
Gross domestic premium income saw an increase of 11.3 per cent to Rs 3,530 crore from Rs 3,173 crore
In this period the industry grew by 13.3 per cent
Combined ratio improved to 101.1 per cent from 102.9 per cent
However, excluding the impact of Kerala floods, combined ratio was 99.9 per cent in the second quarter
solvency ratio was 2.10x at September 30, 2018 as against 2.18x at September 30, 2017
