Mumbai:

With higher expenses, ICICI Lombard General Insurance, the country's largest private sector general insurance company, at  Rs 239 crore, has posted a growth of 3.2 per cent in its net profit during the third quarter ending in Dec 2018 as compared to Rs 232 crore in Q3 2017-18.

 

The company which announced its third quarter results on Friday, has recorded a gross premium income of Rs 3,769 crore, up 25 per cent, in Q3FY 2018-19 over Rs3,015 crore in Q3 FY 2017-18 as as against industry growth of 13.6 per cent.

The company’s combined ratio, a measure of insurance companies' profitability,remained almost flat at  95.9 per cent in Q3 FY2019 as compared to 96.0 per cent  in Q3 FY2018.
 

ICICI Lombard General had an investment income Rs 301 crore in the reporting period.The company had an underwriting losses of Rs 28 crore during Q3 FY 2018-19.

 

The company’s profit before tax for Q3 FY2019 includes upfront expensing of acquisition cost relative to the growth of 25.9 pe cent in GDPI whereas the full benefit of earned premium will be realised over the policy period, said the press release of the company.

 

ICICI Lombard has solvency ratios at 212 percent, above the regulatory requirement of 150 percent.
 

The company's ROAE was 19.0 per cent  in Q3 FY2019 compared to 21.9  in Q3FY2018 on account of upfront expensing of acquisition cost relative to the growth of 25.9 per cent in grossdomestic premium income (GDPI) whereas the full benefit of earned premium will be realised over the policy period.

 

With the Q3 FY2018-19 performance, the general insurer has emerged as the third largest general insurer in the country.  

 

The ICICI Lombard General Insurance has extended the tenure of Bhargav Dasgupta as the MD & CEO of the company for a period of five years with effect from May 1, 2019, subject to approval of Insurance Regulatory and Development Authority of India and members of the company.

 

Ashvin Parekh as Non-executive, Independent Director of the Company has been given a second term of five years with effect from April 18, 2019,
subject to approval of Insurance Regulatory and Development Authority of India