The company reported a total income of INR28.83bn ($389.6m) for quarter ending September 2020, which is a 5.28% rise than same quarter last year
ICICI Lombard gained 35% rise in net profit. (Credit: Edar from Pixabay.)
India-based ICICI Lombard General Insurance has reported INR4.15bn ($56.18m) net profit for the second quarter FY2021, an increase by 35.02% compared with INR3.079bn ($41.61m) in second quarter FY2020.
The company reported a total income of INR28.83bn ($389.6m) for quarter ending September 2020, a 5.28% increase from the INR27.38bn ($370m) for the same quarter last year.
The profit before tax increased by 20.28% to INR5.54bn ($74m) in the second quarter, from INR4.61bn ($62.30m) in the same period of financial year 2020.
The insurance firm booked INR1.24bn ($16.76m) capital gains for second quarter FY21, a 79.71% growth from INR690m ($9m) for the corresponding quarter in FY20.
Net premium earned by the company increased to INR24.62bn ($33.27m), compared to INR23.56bn ($31.84m) in the same quarter of the previous year.
ICICI Lombard’s provision for tax decreased by 9.35% year-on-year (YoY) to INR1.388bn (18.76m) during the second quarter FY21.
Gross Direct Premium Income (GDPI) for the second quarter 2021 was at INR31.89bn ($431m), an increase by 8% from INR29.53bn ($399.1m) for same quarter in 2020.
GDPI of the company, excluding crop segment increased by 9.9%, from INR31.86 ($430m) in second quarter of FY21, compared INR28.98bn ($391.m) for same quarter in FY20.
The company reported a combined ratio of 99.7% for the second quarter of financial year 2021, which was 102.6% in the corresponding quarter of financial year 2020.
The insurance firm has registered 24.7% return on average equity (ROAE) for the second quarter of FY21, compared to 22% for the same period in FY20.
Solvency ratio was higher than the minimum regulatory requirement of 1.50x, with 2.74x by the end of September 2020, compared to 2.50x by the end of June 2020.
ICICI Lombard General Insurance launched new health insurance during pandemic
ICICI Lombard General Insurance operates as a non-life insurer, providing motor, health, travel, business, personal accident, and home insurance, along with claim settlements and renewals services.
The company has introduced new health insurance coverage during coronavirus pandemic, dubbed ‘Home Healthcare’ to help customers avail treatment in their homes instead of hospitals.
Furthermore, the firm improvised the claim procedure, enabling health insurance claims to be completed in two hours.