MUMBAI: ICICI Lombard General Insurance reported 43.6 per cent growth in profit after tax during the second quarter ended September 30, 2018 partly on account of a one time gain and improvement in underwriting.
During the period profit rose to Rs 293 crore compared to Rs 204 crore in the second quarter of last financial year. The company declared interim dividend of 2.50 per share for first half of the financial year 2018-19.
The increase in profit includes a one off impact of Rs 58 crore recovered on account of doubtful reinsurance recoverable already provided in earlier years, the company said in a statement.
Gross domestic premium income saw an increase of 11.3 per cent to Rs 3,530 crore from Rs 3,173 crore. In this period the industry grew by 13.3 per cent.
Combined ratio improved to 101.1 per cent from 102.9 per cent. However, excluding the impact of Kerala floods, combined ratio was 99.9 per cent in the second quarter. The reduction in combined ratio was mainly driven by reduction in the expense ratio to 21.3 per cent from 24.3 per cent.
The companys solvency ratio was 2.10x at September 30, 2018 as against 2.18x at September 30, 2017.
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