The company had managed to bring down its combined ratio to 103.90 per cent during the reporting quarter as compared to 105.10 per cent in the year-ago period.The insurer’s underwriting losses have fallen marginally to Rs 145 crore during the quarter over Rs152 crore recorded in the year-ago-period

Mumbai:

Though, ICICI Lombard General Insurance has improved its combined ratio and investment income, the company on Wednesday reported a 2.3 per cent decline in net profit at Rs 577 crore for the second quarter ended September 30, due to higher expenses during the period.

The second largest general insurer in the country, had posted a net profit of Rs 591 crore in the year-ago period.

The company had managed to bring down its combined ratio to 103.90 per cent during the reporting quarter as compared to 105.10 per cent in the year-ago period.

The insurer’s underwriting losses have fallen marginally to Rs 145 crore during the quarter over Rs152 crore recorded in the year ago-period.

The company’s written gross premium stood at Rs 6,272 crore in the second quarter of this fiscal compared to Rs 5,303 crore in the same period a year ago.

Net premium of the company earned rose to Rs 4,240 crore from Rs 3,706 crore in the same quarter a year ago, it said.

On a quarterly basis, the insurer’s investment income was at Rs 936 crore in Q2 FY2024 as against Rs 739 crore in Q2 FY2023

However, total income in the latest September quarter rose to Rs 5,049 crore from Rs 4,499 crore in the year-ago period, ICICI Lombard said in a regulatory filing.

Total expenditure of the company during the period under review increased to Rs 4,452 crore as against Rs 3,989 crore in the corresponding period a year ago.

The board declared an interim dividend of Rs 5 per equity share or 50 per cent of face value of Rs 10 each.

ICICI Lombard’s solvency ratio was 259 per cent at the end of September as against 247 per cent at the end of September last year. This is higher than the minimum regulatory requirement of 150 per cent.

This is the last quarterly result announced by Bhargav Dasgupta as the company’s Managing Director and CEO as he is moving as Vice-President (market solutions) to the Asian Development Bank.

Dasgupta will be continuing as managing director and CEO till November 30.

Based on the recommendation of the company’s Board Nomination and Remuneration Committee, the board has approved changes in Senior Management Personnel (SMP) of the company.

As part of organisational structure changes, Amit Gupta, Vice President is being designated as SMP of the company. Further, existing SMPs namely Deepak Negi, Mukul Kamboj and Hemant Singla, will now report to Mr. Amit Gupta and accordingly they will cease to be SMPs of the company.