ICICI Lombard net profit surges 35 pct to Rs 289 cr in first quarter

ICICI Lombard General Insurance today reported a 35.1 per cent rise in its profit to Rs 289 crore in first quarter ended June of this fiscal. The company's net profit in the corresponding April-June quarter of 2017-18 was at Rs 214 crore.

The gross premium collected by the general insurer grew by 14 per cent to Rs 3,856 crore in the June quarter of 2018-19 as against Rs 3,394 crore in the year-ago period, the company said in a regulatory filing.

The shareholders have approved a final dividend of Rs 2.50 per equity share for the year ended March 2018, the company said in the filing.

The return on average equity (ROAE) was 24.7 per cent in first quarter of this fiscal compared to 22.4 per cent during the same period a year earlier.

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Stock of the company closed 3.52 per cent higher at Rs 736.10 on BSE.