ICICI Lombard General Insurance today reported a 5.20 per cent increase in profit after tax (PAT) at Rs 231.76 crore for the quarter ended December 31, 2017.
A subsidiary of ICICI Bank, the general insurance firm had earned a PAT of Rs 220.30 crore in the same quarter of the previous fiscal.
Total income rose to Rs 2,019.77 crore from Rs 1,842.93 crore in the year-ago period, ICICI Lombard said in a BSE filing.
This is the second quarterly result of the company after going public in September last year.
During the quarter, the company reported provision of tax of Rs 90.59 crore as against Rs 5.44 crore in the year-ago period.
The results for third quarter and nine-month period ended December 2016 were impacted due to effect of excess tax provision written back of earlier years.
During the quarter, the company’s gross premium written rose to Rs 3,001.53 crore as compared to Rs 2,542.32 crore in the year-ago period.
Also, the solvency ratio improved to 2.21 times as against 2.01 times in December, 2016. The regulatory requirement is 1.50 times.
Shares of ICICI Lombard were trading 3.46 per cent higher at Rs 809.65 per scrip on BSE.moneycontrol