ICICI Lombard General Insurance Company
reported its Q1FY20 results post market hours today.
Gross Direct Premium Income (GDPI) of the company stood at Rs3,487cr in Q1FY20 declining 7.6% yoy. This was higher than the industry growth (excluding crop segment) of 13.6%.
Profit before tax (PBT) grew by 7.2% to Rs475cr in the quarter compared to Rs443cr yoy on account of lower capital gains.
Consequently, profit after tax (PAT) grew by 7.1% to Rs310cr this quarter as against Rs289cr Q1FY19.
The combined ratio stood at 100.4% in Q1FY20 from 98.8% in Q1FY19 primarily on account of long-term motor policies and losses from cyclone Fani.
Retail Health insurance profits took a hit, while Corporate Health insurance posted robust profits.
ICICI Lombard General Insurance Company Ltd is currently trading at Rs1,088.50 down by Rs3.75 or 0.34% from its previous closing of Rs1,092.25 on the BSE.
The scrip opened at Rs1,100 and has touched a high and low of Rs1,160 and Rs1,061.85 respectively. So far 3,55,545 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs49,633.64cr.