ICICI Lombard Q3 Profit Up 22.4% to Rs 431 cr

Mumbai, Jan 16 (PTI) ICICI Lombard General Insurance Company on Tuesday reported a 22.4 per cent on-year growth in net income at Rs 431 crore in the December quarter, supported by higher premium income and market gains.

The company's gross direct premium income rose by Rs 6,230 crore to Rs 18,703 crore in the quarter under review, up 13.4 per cent on-year, which is marginally higher than the industry growth of 12.3 per cent, the insurer said in a statement.

Excluding crop and health, gross direct premium income would have grown by 12 per cent, marginally higher than the industry growth of 11.3 per cent in the reporting quarter.

The company has incurred a claim/loss of Rs 54 crore during the period from natural calamity claims, but for this overall net profit would have been higher, it said, adding for the three quarters the same stood at Rs 139 crore.

Combined ratio, which is the key profitability gauge and is the sum of net incurred claims/net earned premium plus all management expenses such as commissions on reinsurance and agents, stood at 103.6 in the reporting period as against 104.4 in the year-ago.

Excluding the impact of natural calamity losses of Rs 54 crore, the combined ratio was 102.3.