Insurance company ICICI Lombard General Insurance declared its Q3 results on Tuesday. With a profit of Rs.231.8 crores, the company posted a 5.2% rise in the past quarter.
ICICI Lombard also witnessed a 17.8% year on year growth of direct premium, as the same rose to Rs.2494 in the quarter that ended on 21st December 2017.
Combined ratio is a parameter that shows how an insurer’s underwriting performance is. ICICI Lombard’s combined ratio stood at 96%, an improvement over the previous year where the ratio was 106.6%.
As far as products composition is concerned, personal accident and health policies stood at 18% while third-party insurance stood at 17%. Crop and property insurance followed next at 20% and own damage motor policies took the top stop at 25%.
The regulatory body requires insurers to have a solvency ratio of at least 1.5, while ICICI’s solvency ratio exceeded that at 2.21 in the last quarter. The positive numbers continued in the return on average equity front as well. The ROE numbers were at 22.4% as compared to 20.4% for the previous financial year. All this resulted in a 6% surge in its stock prices during intraday trading.