Quote on ICICI Lombard Q1FY22 results by Mr. Jyoti Roy, Angel Broking Ltd
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Below is quote on ICICI Lombard Q1FY22 results by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
ICICI Lombard reported 16.4% YoY growth in net premium earned to Rs. 2705.8 crore while investment income registered a growth of 34.8% YoY to Rs. 531.2 crore. Total income registered a growth of 19.0% growth YoY to Rs. 3246.9 crore. Operating profit for the quarter was down by 92.6% YoY to Rs. 32.97cr due to a sharp increase in claims during the quarter. Net profit for the quarter was down 61.9% at Rs. 151.6 crore. The combined ratio for the quarter stood at 121.3% as compared to 99.7% in Q1FY20. Overall the company witnessed good traction across most segments including motor, fire insurance, health and marine insurance. Results for the quarter were impacted due to very high claims in the health segment on account of the second Covid wave.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
