ICICI Lombard General Insurance Company reported 35.02% rise in net profit to Rs 415.74 crore in Q2 FY21 as against Rs 307.91 crore in Q2 FY20.
Total income increased by 5.28% to Rs 2883.40 crore in Q2 September 2020 compared with Rs 2738.92 crore in Q2 September 2019.
Profit before tax in the second quarter stood at Rs 554.57 crore, up by 20.28% from Rs 461.06 crore the same period last year.
Capital gains were at Rs 124 crore in Q2 FY2021 compared with Rs 69 crore in Q2 FY2020, registering a growth of 79.71%.
The company's provision for tax declined by 9.35% year-on-year (YoY) to Rs 138.83 crore during the quarter.
Gross Direct Premium Income (GDPI) of the company was at Rs 3,189 crore in Q2 FY2021 compared to Rs 2,953 crore in Q2 FY2020, a growth of 8%. Excluding crop segment, GDPI of the company increased to Rs 3,186 crore in Q2 FY2021 compared to Rs 2,898 crore in Q2 FY2020, registering a growth of 9.9%. This was higher than the industry growth (excluding crop segment) for Q2 FY2021 of 9.2%.
Combined ratio stood at 99.7% in Q2 FY2021 compared to 102.6% in Q2 FY2020.
The insurance company's return on average equity (ROAE) was 24.7% in Q2 FY2021 compared to 22% in Q2 FY2020.
Solvency ratio was 2.74x at 30 September 2020 as against 2.50x at 30 June 2020 and higher than the minimum regulatory requirement of 1.50x.
ICICI Lombard General Insurance Company operates as a non-life insurer. The company offers motor, health, travel, business, personal accident, and home insurance, as well as claim settlements and renewals services.
The scrip gained 0.08% to Rs 1257.50 on Friday. In the past six months, the stock has added 5.57% while the benchmark S&P BSE Sensex gained 27.69% during the same period.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU