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ICICI Lombard Expert Blog
 

With Profits Up, ICICI Lombard GIC Closes a Strong 3rd Quarter

January 20 2019
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ICICI Lombard General Insurance witnesses a rise of 3.2% net profit during Q3 of Financial Year 2018-19

The ICICI Lombard General Insurance Company closed a strong third quarter (Q3) ended December 2018 after fetching a net profit of Rs. 239.14 crore, up by 3.2% as against Rs. 231.76 crore in the same quarter of the previous year. The sales volume of the company also rose by 20.6% to Rs. 2110.97 crore in Q3FY19 which was Rs. 1750.51 crore during the previous quarter ended December 2017.

The Gross Direct Premium Income (GDPI) of the company also increased significantly to Rs. 3699 crore in the latest quarter, compared to Rs. 2937 crores in the third quarter of financial year 2017-18, registering a growth of 25.9% against the industry growth of 13.6%. The rise in profits was largely due to the higher premiums paid by the customers, low losses and higher investment income.

The solvency ratio for the insurance company stood at 2.12 on 31st December 2018, while it was 2.21 in December 2017. The minimum solvency ratio required by the insurance regulator is 1.50. The company release also mentioned that the return on average equity (RoAE) was 19% during Q3 FY19, compared with 22% in the same quarter last year on account of upfront expensing of acquisition cost relative to GDPI growth.

However, the company posted an underwriting loss in segments like motor insurance, crop insurance, corporate health insurance and health government business. While the underwriting losses in motor insurance, corporate health and health government businesses decreased, the crop insurance segment posted an underwriting loss of Rs 39.70 crore for Q3 FY19 versus underwriting profit of Rs. 6.29 crore in the year-ago period.

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