Non-life insurer ICICI Lombard General Insurance Company Ltd closed the nine month period, ended December 31, 2021, with a net profit of Rs 958.50 crore, said a top company official.
The net profit was down from about Rs 1,127.37 crore posted during corresponding period the previous year, Bhargav Dasgupta, Managing Director & CEO told reporters.
ICICI Lombard had earned a total premium of about Rs 13,561 crore during the period under review, up from about Rs 10,760 crore earned for the period ended December 31, 2020.
The company's combined ratio for the period under review stood at 111 per cent up from 99.1 per cent registered during the previous year's corresponding period.
According to him, the Covid-19 related claims for the nine months ended December 31, 2021 was about Rs 530 crore.
While Dasgupta wanted the insurance regulator to revise upwards the premium rates for motor third party premium, when queried on detariffing of the rates, he said it should be accompanied with the implementation of the amended Motor Vehicles Act.
He said the benchmark rates proposed by the Insurance Regulatory and Development Authority of India (IRDAI) is not going back to the administered pricing regime, but an advisory based on the reinsurer's views.