ICICI Lombard Q1 results: Net profit slumps 62% to Rs 152 cr on Covid impact

icici lombard q1 results net profit slumps 62 to rs 152 cr on covid impact

Sumary of ICICI Lombard Q1 results: Net profit slumps 62% to Rs 152 cr on Covid impact:

  • Mumbai: The pandemic has left deep gashes on the balance-sheet of the leading non-life insurer ICICI Lombard General Insurance, with its net income diving 62 per cent to Rs 152 crore for the June quarter.
  • The deep cuts in the bottomline arising from the health portfolio left the combined ratio, which is a key profitability gauge for general insurers, at a high 121.3 per cent in the reporting quarter compared to 99.7 per cent a year ago and 99.8 per cent in FY21, the company said in a statement.
  • Combined ratio is the net incurred claims/net earned premium plus management expenses minus the commission on reinsurance/net written premium.

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