ICICI Lombard General Insurance on Wednesday reported a 2.3 per cent decline in net profit at Rs 577 crore for the second quarter ended September 30.
The insurer had posted a net profit of Rs 591 crore in the year-ago period.
However, total income in the latest September quarter rose to Rs 5,049 crore from Rs 4,499 crore in the year-ago period, ICICI Lombard said in a regulatory filing.
The company's written gross premium stood at Rs 6,272 crore in the second quarter of this fiscal compared to Rs 5,303 crore in the same period a year ago.
Net premium earned rose to Rs 4,240 crore from Rs 3,706 crore in the same quarter a year ago, it said.
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Total expenditure of the company during the period under review increased to Rs 4,452 crore as against Rs 3,989 crore in the corresponding period a year ago.
The board declared an interim dividend of Rs 5 per equity share or 50 per cent of face value of Rs 10 each.
ICICI Lombard's solvency ratio was 259 per cent at the end of September as against 247 per cent at the end of September last year. This is higher than the minimum regulatory requirement of 150 per cent.
This is the last quarterly result announced by Bhargav Dasgupta as the company's Managing Director and CEO as he is moving as Vice-President (market solutions) to the Asian Development Bank.
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Dasgupta will be continuing as Managing Director and CEO till November 30.
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