ICICI Lombard General Insurance’s Q2 FY19 net profit grew 43.6 percent year-on-year to Rs 293.10 crore due to a reduction in expenses.
Gross direct premium income (GDPI) increased to Rs 7,305 crore in the first half of the fiscal, a growth of 12.5 percent. In Q2, the non-life insurer had a GDPI of Rs 3,530 crore, up 11.3 percent YoY.
The combined ratio (measure of claims paid versus premiums collected) improved to 101.1 percent in Q2 FY19 from 102.9 percent YoY. The management said the combined ratio was 99.9 percent in Q2, excluding impact of the Kerala floods.
For H1 FY19, the combined ratio improved to 100.1 percent from 102.7 percent in H1 FY18 after considering losses (estimated at Rs 25 crore) from the Kerala floods. The combined ratio was 99.5 percent in H1, excluding impact of the Kerala floods.
The insurer said reduction in the combined ratio was mainly driven by reduction in the expense ratio (net) to 21.3 percent in H1 FY19 from 24.3 percent in the year ago period.
The board has declared an interim dividend of Rs 2.50 per share for H1 FY19.
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