ICICI Lombard General Q4 profit falls 10% to Rs 313 cr

ICICI Lombard General Insurance Company on Thursday reported 10 per cent decline in net profit at Rs 313 crore for the fourth quarter ended March 2022.The non-life insurer had posted a net profit of Rs 346 crore in the corresponding period of 2020-21.

ICICI Lombard General Insurance Company on Thursday reported a 10 percent decline in net profit at Rs 313 crore for the fourth quarter ended March 2022.

The non-life insurer had posted a net profit of Rs 346 crore in the corresponding period of 2020-21. The gross direct premium income (GDPI) of the company stood at Rs 4,666 crore in the quarter under review as compared to Rs 3,478 crore in the year-ago period, ICICI Lombard said in a statement.

The company has proposed a final dividend of Rs 5 per share for FY22, it said, adding that the overall dividend including the proposed final dividend is Rs 9 per share.

The solvency ratio was 2.46 times in March-end 2022 as against 2.45 times on December 31, 2021, and higher than the minimum regulatory requirement of 1.50 times. The solvency ratio was 2.90 times on March 31, 2021.

For the full year 2021-22, the profit after tax or net profit declined 14 percent to Rs 1,271 crore from Rs 1,473 crore in the preceding fiscal year.