ICICI Lombard General Insurance stock slips 6% post Q4 earnings

Shares of ICICI Lombard General Insurance fell nearly 6 per cent today after the insurance firm reported a 10 per cent decline in net profit for the fourth quarter ended March 2022. Profit fell to Rs 313 crore in Q4 against a net profit of Rs 346 crore in the corresponding period of 2020-21.

ICICI Lombard General Insurance stock declined up to 5.89 per cent to Rs 1317.85 against the previous close of Rs 1,400.30 on BSE. It opened with a loss of Rs 3.02 per cent at Rs 1358.

The stock has fallen after two days of consecutive gain.

It trades higher than 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages.

The stock has lost 3.36 per cent in a year and fallen 4.86 per cent since the beginning of this year. Total 0.40 lakh shares of the firm changed hands amounting to a turnover of Rs 5.29 crore.

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 Market cap of the firm fell to Rs 65,401 crore. The stock hit a 52 week high of Rs 1674 on September 22,2021 and a 52 week low of Rs 1192 on March 7, 2022.

At 11:58 am, the stock was trading 4.81 percent lower at Rs 1332 on BSE.

The gross direct premium income (GDPI) of the company stood at Rs 4,666 crore in Q4 compared to Rs 3,478 crore in the year-ago period. The company has proposed a final dividend of Rs 5 per share for FY22. The overall dividend including the proposed final dividend is Rs 9 per share.

Solvency ratio was 2.46 times at March-end 2022 as against 2.45 times on December 31, 2021 and higher than the minimum regulatory requirement of 1.50 times. Solvency ratio was 2.90 times on March 31, 2021.

For the full year 2021-22, the profit after tax or net profit declined 14 per cent to Rs 1,271 crore from Rs 1,473 crore in the preceding fiscal year.