ICICI Lombard Q3 Results | Net profit falls 9% as combined ratio worsens to 105%

India’s largest private sector general insurer ICICI Lombard General Insurance Ltd on Tuesday (January 13) reported a 9% year-on-year decline in net profit for the third quarter. Net profit for the quarter stood

at ₹659 crore, compared with ₹724 crore in the same period last year.

Total income for the quarter rose 12.4% year-on-year to ₹6,610 crore, up from ₹5,882 crore in the corresponding quarter of the previous year. Net premium earned during the quarter increased 12.7% to ₹5,685 crore, compared with ₹5,045 crore reported a year ago. The combined ratio stood at 104.5%, compared with 102.7% in the year-ago period. The combined ratio shows how much an insurance company spends on claims and expenses compared to its earned premiums and is preferably kept under 100%.

Also Read: ICICI Lombard says draft Q3 financials were accidentally shared on WhatsApp; internal inquiry underway

Shares of ICICI Lombard General Insurance Company Ltd ended at ₹1,890.50, down by ₹19.80, or 1.04%, on the BSE today, January 13.