ICICI Lombard Q2 results: Net profit up despite higher claims

ICICI Lombard on Thursday reported a marginal increase in net income at Rs 446 crore for the three months to September compared to the year-ago period, boosted by lower COVID claims at Rs 180 crore.

In the same period a year ago, the company's net income stood at Rs 416 crore.

In the previous quarter ended June, the company had reported a whopping Rs 602 crore loss on the health book due to COVID claims, pulling down its net profit in that quarter by 62 per cent to Rs 152 crore for that period, according to a release.

The private sector non-life player's profit from investments rose to Rs 144 crore in the September quarter from Rs 124 crore in the year-ago period.

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Gross Direct Premium Income (GDPI) was at Rs 4,424 crore in the September quarter compared to Rs 3,189 crore in Q2 FY21. Excluding crop segment, GDPI increased to Rs 3,841 crore up from Rs 3,186 crore. The industry growth, excluding crop segment, was at 17.5 per cent.