ICICI Lombard Q2 PAT increases 7.4% yoy to Rs 446 cr

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ICICI Lombard General Insurance Company posted a 7.4% increase in net income to Rs 446.67 crore on a 32.4% increase in total income to Rs 3,982 crore in Q2 FY22 compared to Q2 FY21.

As the company merged the general insurance business of Bharti Axa with itself, the figures are not comparable to the previous year. On a sequential basis, the company posted a 129% increase in net profit on a 0.6% decrease in total revenue in Q2 FY22 compared to Q2 FY21.

The company’s gross direct premium income (GDPI) stood at Rs 4,424 crore in the second quarter of fiscal 2022, compared to Rs 3,189 crore in the second quarter of fiscal 2021, a growth of 38% in year-over-year. Industry growth (excluding crop segment) for the second quarter of fiscal 2022 was 17.5%.

The combined ratio, which measures profitability, stood at 105.3% in Q2 FY22 compared to 99.7% in Q2 FY21. Meanwhile, the company’s capital gains rose 16% to Rs 144 crore in the second quarter of FY22, from Rs 124 crore in the second quarter of FY21.

The return on average equity (ROAE) was 21% in Q2 FY22 compared to 24.7% in Q2 FY21. The solvency ratio deteriorated slightly to 2.49x at September 30, 2021 from 2.61 at June 30, 2021. The ratio is above the minimum regulatory requirement of 1.50x.

Meanwhile, the board of directors recommended a final dividend of Rs 4 per share. The company has set November 1, 2021 as the date for recording the dividend.

Shares of ICICI Lombard General Insurance Company were trading 0.78% up to Rs 1,518 at the start of trading.

ICICI Lombard General Insurance Company operates as a non-life insurer. The company provides auto, health, travel, business, personal accident and home insurance, as well as claims adjustment and renewal services. Its parent company ICICI Bank holds 48.08% of the company’s capital as of September 30, 2021.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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