ICICI Lombard Q3 Results: Profit Falls 9% To Rs 658 Crore
Net premium earned increased nearly 13% year-on-year to Rs 5,685 crore and gross premium jumped 15% to Rs 7,433 crore.
ICICI Lombard General Insurance Co. reported a fall in net profit during the third quarter of the current financial year.
The ICICI Group insurance company's bottomline tanked 9% in the October-December period to Rs 658 crore from Rs 724 crore in the corresponding period last year, according to earnings statement disclosed to stock exchanges on Tuesday. The estimate for net profit was Rs 800 crore, as per consensus estimate compiled by NDTV Profit.
Net premium earned increased nearly 13% year-on-year to Rs 5,685 crore and gross premium jumped 15% to Rs 7,433 crore.
The combined ratio, a key profitability metric showing how much an insurer spends on claims (losses) and operating expenses for every rupee of premium earned, declined sequentially by 60 basis points to 104.5%. On a year-on-year basis, the ration rose by 180 bps.
Shares of ICICI Lombard settled 1% lower at Rs 1,885.5 on the NSE, ahead of the results, compared to a 0.2% decline in the benchmark Nifty 50. The stock is up 3% on a 12-month basis.
