ICICI Lombard Q1 profit slumps 46% to Rs 403 crore on fire claims, SC verdict impact

Synopsis ICICI Lombard’s net profit fell 46 per cent in the June quarter. This decline resulted from two large fire insurance claims. A Supreme Court judgment also impacted its motor third-party portfolio. The insurer’s combined ratio worsened to 107.2 percent from 102.9 percent. Gross direct premium income rose seven point five percent during the quarter. Mumbai: ICICI Lombard General Insurance reported a 46% year-on-year decline in net profit to ?403 crore for the June quarter, hit by two large fire insurance claims and the impact of a Supreme Court judgment on its motor third-party portfolio. The insurer’s combined ratio, a…