ICICI Lombard posts 5% increase in PAT at Rs 232 crore
ETMarkets.com|
Jan 16, 2018, 03.02 PM IST
NEW DELHI: Leading private general insurer ICICI Lombard today reported a 5.20 per cent year-on-year increase in net profit at Rs 231.76 crore for the December quarter.
Net profit stood at Rs 220.30 crore in the same period last year.
The underwriting profit of the company stood at Rs 20.19 crore during October-December as against losses of Rs 116.77 crore last year and Rs 85.07 crore in the September quarter.
The insurer listed its stock on the bourses in September last year after launching a Rs 5,700-crore initial public offering (IPO), which overall was subscribed nearly 3 times.
The solvency ratio of the company stands at 2.21 per cent as against 2.01 per cent YoY. Solvency ratio is one of the various metrics used to measure the ability of a company to meet its long-term debts.
Recently, global brokerage firm Macquarie initiated coverage on the stock with 'Underperform' rating. It has the large opportunity, but competition is a big pain point, Macquarie had said.
The research house expects growth in premium at a compounded rate of 21 per cent over the fiscal years through March 2020, but improving quality is expected to be challenging.
At 2.15 pm, the stock of the company was trading at Rs 813.75, up 4 per cent on the BSE.
Net profit stood at Rs 220.30 crore in the same period last year.
The underwriting profit of the company stood at Rs 20.19 crore during October-December as against losses of Rs 116.77 crore last year and Rs 85.07 crore in the September quarter.
The insurer listed its stock on the bourses in September last year after launching a Rs 5,700-crore initial public offering (IPO), which overall was subscribed nearly 3 times.
The solvency ratio of the company stands at 2.21 per cent as against 2.01 per cent YoY. Solvency ratio is one of the various metrics used to measure the ability of a company to meet its long-term debts.
Recently, global brokerage firm Macquarie initiated coverage on the stock with 'Underperform' rating. It has the large opportunity, but competition is a big pain point, Macquarie had said.
The research house expects growth in premium at a compounded rate of 21 per cent over the fiscal years through March 2020, but improving quality is expected to be challenging.
At 2.15 pm, the stock of the company was trading at Rs 813.75, up 4 per cent on the BSE.
