ICICI Lombard General Insurance Company on Saturday reported a 23.8 percent rise in net profit at Rs 282 crore for the March quarter.

The non-life insurer had posted a net profit of Rs 228 crore in the corresponding period of 2018-19.

The gross direct premium income (GDPI) of the company stood at Rs 3,181 crore in Q4 FY20, compared to Rs 3,485 crore in Q4 FY19, ICICI Lombard said in a regulatory filing.

For the full year 2019-20, the profit after tax or net profit increased 13.8 percent to Rs 1,194 crore from Rs 1,049 crore in the preceding fiscal.

GDPI of the company stood at Rs 13,313 crore in FY20 compared to Rs 14,488 crore in FY19, a de-growth of 8.1 percent, it said.

Excluding crop segment, GDPI increased to Rs 13,302 crore during the year compared to Rs 12,036 crore in FY19, up 10.5 percent.

This was in line with the industry growth (excluding crop segment), ICICI Lombard added.

Combined ratio -- a measure of profitability -- stood at 100.4 percent in 2019-20 compared to 98.8 per cent a year ago, primarily on account of long-term motor policies, change in product-mix and losses from catastrophic events, the company said.

For the March quarter, the combined ratio stood at 100.1 percent compared to 99 percent in the same period last year.

The ratio denotes the money flowing out via in dividends, expenses, and losses. Whereas a ratio below 100 indicates underwriting profit, above 100 means paying out more money in claims than receiving through premium.

First Published:May 2, 2020 7:24 PM IST