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Higher COVID-19 claims drag ICICI Lombard’s profits

Posted On: Jul. 23, 2021 10:28 AM CST


India-based nonlife insurer ICICI Lombard General Insurance Co. Ltd.’s net profit plunged 62% year-on-year to 1.5 billion Indian rupees ($20.3 million) in the fiscal first quarter ending June 30, due to underwriting losses resulting from higher COVID-19-related claims, Business Standard reported. The insurer saw 13% growth in gross direct premium income to INR 37.3 billion.