ICICI Lombard General Insurance Co.'s net profit rose by nearly 29% on a year-on-year basis in the April-June quarter.
The insurer posted a net profit of Rs 747 crore in the quarter ended June, up 28.7% as compared to Rs 580 crore in the year-ago period. The total income also rose 13.7% to Rs 6,083 crore versus Rs 5,352 crore.
The net premium earned during the quarter under review climbed 14% to Rs 5,136 crore, compared to Rs 4,503.88 crore in the corresponding quarter of the previous fiscal.
The gross premium has risen by 1.5% to Rs 8,052.55 crore, as compared to Rs 7,931.05 crore in the year-ago period.
The underwriting loss stood at Rs 293.14 crore, narrower as compared to Rs 346.6 crore in the corresponding quarter of the past fiscal.
The combined ratio, which serves as a key metric to measure insurers' profitability and financial health, stood at 102.9%, higher by 60 basis points as compared to 102.3% in the year-ago period.
ICICI Lombard Share Price Today
The business update was shared after market hours. The stock settled 0.84% lower at Rs 2,002.70 apiece on the NSE, compared to a 0.45% advance in the benchmark Nifty 50.
ICICI Lombard's shares have risen 6.71% in the last 12 months and 2.02% year-to-date.
Out of 29 analysts tracking the company, 20 maintain a 'buy' rating, seven recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 2,109.04 implies a potential upside of 5.3%.
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