Q4 Results: How ICICI Lombard Plans To Maintain Its Growth Momentum
ICICI Lombard General Insurance Co Ltd.’s profit for the quarter ended March rose 7.5 percent on the back of growth in segments such as retail, small and medium enterprises and corporate.
“It's been a reasonable across-the-board growth in the segments of business that we have been focusing on,” the company’s Managing Director and Chief Executive Officer Bhargav Dasgupta told BloombergQuint in a post-earnings conversation, adding that he expects the health, motor and SME segment to drive ICICI Lombard’s growth momentum.
The company witnessed a healthy net premium growth of 21 percent, primarily driven by its motor and health segments.
Q4 Earnings Highlights
- Gross written premium increased 18.8 percent year-on-year to Rs 3,527.89 crore, from Rs 2,969.98 crore
- Profit after tax rose to Rs 227.73 crore, versus Rs 211.87 crore in the last year
- Combined ratio fell 150 basis points to 98 percent sequentially
The company’s investment book improved to Rs 22,231 crore in the financial year 2018-19, compared with Rs 18,193 crore in the previous fiscal.
“Our investment philosophy is first safety, then liquidity and third returns,” Dasgupta said, adding that insurance includes fair amounts of risk taking and thus the company refrains from taking risks in its investment portfolio.