The country's largest private-sector non-life insurer ICICI Lombard General Insurance on Thursday reported a 61.91 percent year-on-year (YoY) drop in net profit at Rs 151.63 crore for the first quarter ended June 30.
In the corresponding quarter last year, the Mumbai-headquartered company posted a net profit of Rs 398 crore.
The total income, however, rose to Rs 3,246.90 crore in the first quarter of this fiscal from Rs 2,729.67 crore in the year-ago period, according to a regulatory filing.
In line with the industry growth, the gross direct premium income (GDPI) grew 13 percent YoY to Rs 3,733 crore. The solvency ratio was 2.76 on June 30, 2021, as against 2.90 on March 31, 2021. This was higher than the minimum regulatory requirement of 1.50.
The return on average equity (ROAE) was 8.1 percent in the first quarter of this fiscal compared to 25.1 percent during the same period a year earlier.
The results came after the close of the market hours. Shares of ICICI Lombard General Insurance ended at Rs 1,542.00, up by Rs 64.10, or 4.34 percent on the BSE.
First Published: IST