Private general insurer, ICICI Lombard General Insurance posted a 22.6 percent year-on-year (YoY) rise in its March quarter (Q4) net profit at Rs 345.68 crore.
The general insurer had collected gross direct premium income (GDPI) of Rs 3,478 crore for Q4, a growth of 9.4 percent YoY.
The return on average equity (ROAE) was 21.7 percent in FY21 compared to 20.8 percent in FY20. ROAE was 18.8 percent in Q4FY21 compared to 18.8 percent in Q4FY20.
Solvency ratio was 2.90 at March 31, 2021 as against 2.76 at December 31, 2020. This was higher than the minimum regulatory requirement of 1.50. Solvency ratio was 2.17x at March 31, 2020.
As far as the COVID-19 health claims are concerned, general insurers saw 9,80,000 claims being filed worth Rs 14,000 crore.
Bhargav Dasgupta , MD & CEO at ICICI Lombard said that the company's share in the number of COVID-19 health claims intimated is 5 percent.
"We have seen a 2.6 percent growth in motor business. This is largely driven by the technology innovations that led to improved renewals," he added.
Among the business segments, motor, marine and health portfolio saw an underwriting loss in Q4. Motor underwriting loss stood at Rs 207.97 crore, marine underwriting loss at Rs 10.18 crore, health (retail) underwriting loss was at Rs 8.77 crore and health (corporate) underwriting loss at Rs 23.4 crore.
The loss ratio for health for ICICI Lombard stood at 78 percent for FY21 compared to 70 percent a year ago.
For the full year (FY21), ICICI Lombard had GDPI of Rs 14,003 crore, showing a 5.2 percent YoY rise.
The Board of Directors of the company has proposed a final dividend of Rs 4 per share for FY21. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.
The overall dividend for FY21 including proposed final dividend is Rs 8 per share.
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