ICICI Lombard General Insurance Company on Friday reported a net profit of Rs 294 crore for the third quarter of the current fiscal, a rise of 23% from the previous year, reports fe bureau in Mumbai. However, gross direct premium income (GDPI) was at Rs 3,693 crore in the quarter, compared with Rs 3,699 crore in the year-ago period, a fall of 0.2%.
ICICI Lombard in an exchange filing said categories like motor insurance, health retail and crop insurance saw underwriting losses, while fire, marine and health group and corporate, among others, witnessed underwriting profits for the quarter under review.
"Excluding the crop segment, GDPI of the company increased to Rs 3,672 crore in Q3 FY2020, compared with `3,389 crore in Q3FY2019, registering growth of 8.3%. The industry growth (excluding crop segment) for Q3FY 2020 was 10.9%,"a company press release said.
In terms of product mix, motor insurance, which includes mother third party and motor own damage, was at 50% for the nine months of FY20.
The combined ratio of the company stood at 98.7%, compared to 95.9% in Q3 FY2019. While the combined ratio was 100.5% in 9M FY 2020, compared to 98.7% in 9M FY2019, primarily on account of long-term motor policies and losses from catastrophic events in the previous quarters.
A combined ratio below 100% indicates underwriting profit, while a ratio above 100% shows that more money in claims is being paid out than is being received from premiums.