LAST UPDATED: April 18, 2021, 1:41 p.m.
New Delhi (Anish Yande): ICICI Lombard General Insurance announced its quarterly results for March 2021. The insurer recorded a net profit of Rs 346 crore in Q4 FY21, an increase of 23 percent on a year-on-year basis.
ICICI Lombard General Insurance had recorded a net profit of Rs 281.93 crore in the March quarter a year ago. For the fiscal year 2019-20, the profit after tax was recorded at Rs 1,194 crore. The profit after tax rose to Rs 1,473 crore, at an increase of 23.4 percent in FY21.
ICICI Lombard General Insurance Q4FY21 results:
The gross direct premium income of ICICI Lombard General Insurance was recorded at Rs 3,181 crore. The GDPI rose to Rs 3,478 crore, at an increase of 9.4 percent.
Capital gains of ICICI Lombard General Insurance were at Rs 95 crores in Q4 FY20. The capital gains were recorded at Rs 66 crore in Q4 FY2021.
The return on average equity is recorded at 18.8 percent in Q4FY21. Return on average equity was at 20.8% in FY20 which rose to 21.7% in FY21.
The solvency ratio of ICICI Lombard General Insurance was at 2.76 on December 31, 2020. The ratio rose to 2.90 on March 31, 2021. The minimum solvency ratio regulatory requirement is at 1.50, according to Insurance Regulatory and Development Authority.
The solvency ratio is recorded at 217% in Q4 FY20 increasing to 276% in Q3 of FY21. The ratio rose to 290% in Q4 of FY21.
General insurers have noted recorded filing of 9,80,000 claims amounting to Rs 14,000 crore concerning COVID-19 health claims.
The Board of Directors of ICICI Lombard General Insurance has proposed a final dividend of Rs 4 per share for the fiscal year. The final dividend would be subject to the approval of shareholders in the Annual General Meeting. The proposed overall dividend is Rs 8 per share in FY2021.
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