ICICI Lombard profit up 19.3% at Rs 204 crore

ICICI Lombard profit up 19.3%  at Rs 204 crore

The largest private sector non- life insurer ICICI Lombard on Tuesday reported a 19.3% growth in net profit at Rs 204.04 crore for the three months to September driven by an improvement in its combined ratio and lower underwriting losses.

For the general insurance arm of ICICI Bank Group, this is first quarterly result after going public last month with a successful IPO. In the year-ago quarter the company had a profit of Rs 170.95 crore.

Improving its combined ratio, which shows the health of its operations, the company said it came down to 102.8% in the reporting period from 108.6% a year ago. The underwriting loss also improved to Rs 85.07 crore from Rs 127.75 crore in the same quarter a year ago.

Similarly, its gross written premium rose to Rs 3,234 crore from Rs 2,753 crore.

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