The insurer's combined ratio improved to 95.9 percent in Q3FY19
ICICI Lombard General Insurance posted a 3.2 percent year-on-year (YoY) growth in the December quarter (Q3) net profit at Rs 239.14 crore. Gross direct premium rose 25.9 percent YoY to Rs 3,699 crore.
The insurer's combined ratio improved to 95.9 percent in Q3FY19 from 96 percent in Q3FY18.
Solvency ratio was to 2.12 as on December 31, 2018. The minimum regulatory requirement is 1.50.
The insurer posted an underwriting loss in segments like motor, crop insurance, corporate health and health government business.
While the underwriting loss in motor insurance, corporate health and health government business decreased, crop insurance posted underwriting loss of Rs 39.70 crore for Q3FY19 versus underwriting profit of Rs 6.29 crore in the year-ago period.
Board approves reappointment of CEO
The board has approved the reappointment of Bhargav Dasgupta as the Managing Director and Chief Executive Officer of ICICI Lombard for a period of five years with effect from May 1, 2019. This is subject to approvals from the insurance regulator and the company's shareholders.
Further, the board also approved the reappointment of Ashvin Parekh as non-executive, independent director of the insurer for a second term of five years with effect from April 18, 2019. This is subject to approvals from the insurance regulator and the company's shareholders.
