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ICICI Lombard Q3 Results: Insurer reports profit after tax of Rs 318 crore, up 1.3%; records over 105% jump in capital gains so far in FY22

ICICI Lombard Q3 Results: Insurer reports profit after tax of Rs 318 crore, up 1.3%; records over 105% jump in capital gains so far in FY22

ICICI Lombard Q3 Results: Insurer reports profit after tax of Rs 318 crore, up 1.3%; records over 105% jump in capital gains so far in FY22
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By CNBCTV18.com Jan 19, 2022 4:36:35 PM IST (Updated)

In its quarterly earnings report, the company said it witnessed a 14% YoY decline in its PAT for the three quarters this fiscal and a 15% YoY decrease in its profit before tax for the same period.

The country's largest private-sector non-life insurer ICICI Lombard General Insurance on Wednesday reported a modest 1.27 percent year-on-year increase in its profit after tax (PAT) in the quarter ended December 31, 2021. In its quarterly earnings report, the insurer reported a PAT of Rs 318 crore as against Rs 314 crore in the corresponding quarter the previous year.

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In the nine months of the ongoing fiscal, the company reported a PAT of Rs 959 crore, down 14% YoY compared to Rs 1,127 crore in the first three quarters of FY21.
The company further said in the report that its profit before tax (PBT) stood at  at Rs 421 crore in the latest quarter as against Rs 418 crore in the year-ago period, which was just a 0.71 percent increase. For the three quarters so far in FY22, the company reported a PBT of Rs 1,273 crore, a 15% YoY decrease from the Rs 1,504 it had reported in the corresponding nine months of FY21. 

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The insurer also reported that its Gross Direct Premium Income (GDPI) stood at ₹ 13,311 crore in the nine months of he ongoing fiscal, compared to Rs 10,525 crore in the same period of FY 2020-21, which is a 26 percent growth.
In Q3, the company said its GDPI was at Rs 4,699 crore as against Rs 4,034 crore--a growth of just over 16% YoY. 
According to the report, capital gains were at Rs 131 crore in Q3FY22, a healthy 21.29 percent quarter-on-quarter growth; the company had reported capital gains of Rs 108 in Q3FY22. Further, in the first three quarters of the fiscal, the company reported capital gains of Rs 601 billion, a whopping 105.8 percent YoY increase from the Rs 292 crore in the corresponding period the previous fiscal.
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