20 Jan , 2022 By : monika singh
NEW DELHI – Shares of ICICI Lombard NSE -4.98 % General Insurance tanked 8 per cent in early trade on Thursday as the private insurer’s earnings in the October-December quarter fell short of market expectations.
The company reported a marginal 1.2 per cent growth in net profit at Rs 318 crore for December quarter 2021-22. It had posted a net profit of Rs 314 crore in the year-ago period, the non-life insurer said.
On a sequential basis, the company’s profit registered a 29 per cent decline in October-December. A Bloomberg report had pegged the net profit at around Rs 403 crore.
A rise in underwriting losses ate into the bottomline for the period under review.
The counter plummeted to a low of Rs 1,318.10 as against Rs 1,423 at previous close on the National Stock Exchange. The scrip was last trading 6 per cent lower at Rs 1,340.
Gross direct premium income (GDPI) increased to Rs 4,699 crore from Rs 4,034 crore, against the industry's 4.9 per cent growth, PTI reported.
Excluding crop segment, the GDPI of the company was at Rs 4,626 crore in the third quarter of the current fiscal year as against Rs 4,034 crore in the same period a year ago, it said.
"Solvency ratio was 245 per cent at December 31, 2021 as against 249 per cent at September 30, 2021 and higher than the minimum regulatory requirement of 150 per cent. Solvency ratio was 290 per cent at March 31, 2021," the company was quoted as saying in the PTI report.
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