ICICI Lombard General Insurance Company s net profit jumped 22.6% to Rs 345.68 crore on a 22.2% surge in net sales to Rs 3,628.23 crore in Q4 FY21 over Q4 FY20.
Gross Direct Premium Income (GDPI) of the company stood at Rs 3,478 crore in Q4 FY2021 compared to Rs 3,181 crore in Q4 FY2020, registering a growth of 9.4% Y-o-Y (year-on-year). The industry growth for Q4 FY2021 was at 14%.
Combined ratio stood at 101.8% in Q4 FY2021 as against 100.1% in Q4 FY2020. Return on Average Equity (ROAE) was at 18.8% in Q4 FY2021 over 18.8% in Q4 FY2020. Solvency ratio was 2.90x at 31 March 2021 from 2.76x at 31 December 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at 31 March 2020.
Starting 2021 Strong, UBA Records 27% PAT Growth, 20.5% ROAE Posted by African ExaminerBusiness, Featured, Latest News Monday, April 19th, 2021
(AFRICAN EXAMINER) – Pan African financial institution, United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2021, showing impressive double-digit growth across most of its major income lines.
The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 24% year-on-year growth in Profit Before Tax in the first three months of the 2021 financial year, to N40.6 billion compared with N32.7 billion recorded in the first quarter of 2020.
Pan African financial institution, United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2021, showing impressive double-digit growth across most of its major income lines.
The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 24% year-on-year growth in Profit Before Tax in the first three months of the 2021 financial year, to N40.6 billion compared with N32.7 billion recorded in the first quarter of 2020.
Profit After Tax also grew by 26.8% from N30.1 billion in March 2020 to N38.2 billion in the period under review.
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