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ICICI Lombard Quarter 1 net profit up over 7 percent at Rs 310 crores

ICICI Lombard General Insurance on Friday reported a 7.1 percent rise in its net profit at Rs 310 crore for the first quarter ended June 2019.

PTI PTI
New Delhi Published on: July 19, 2019 19:53 IST
ICICI Lombard Quarter 1 net profit up over 7 percent at Rs
Image Source : AP

ICICI Lombard Quarter 1 net profit up over 7 percent at Rs 310 crores

ICICI Lombard General Insurance on Friday reported a 7.1 percent rise in its net profit at Rs 310 crore for the first quarter ended June 2019.

The general insurer had posted a net profit of Rs 289 crore in the corresponding April-June period of previous fiscal.

The company's gross direct premium income (GDPI) fell 7.6 per cent to Rs 3,487 crore during June quarter of 2019-20 as against Rs 3,774 crore in the year ago period, it said in a regulatory filing.

Excluding crop segment, the company said its GDPI grew by 17.7 per cent to Rs 3,488 crore from Rs 2,964 crore a year ago, which was higher than the industry growth (excluding crop segment) of 13.6 per cent.

ICICI Lombard offers products such as motor, health, crop, fire, personal accident, marine, engineering and liability insurance.

Shares of the company Friday closed 1.98 per cent lower at Rs 1,070.60 on the BSE.

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