Q1 result: ICICI Lombard net profit jumps 12% to ₹390.4 crore

• Gross Direct Premium Income (GDPI) of the Company stood at ₹ 63.87 billion in Q1 FY2024 compared to ₹ 53.70 billion in Q1 FY2023, a growth of 18.9%, which was higher than the industry growth of 17.9%
• Combined ratio stood at 103.8% for Q1 FY2024 compared to 104.1% for Q1 FY2023.
• Return on Average Equity (ROAE) was 14.7% in Q1 FY2024 as against 15.0% in Q1 FY2023.

• Solvency ratio was 2.53x as at June 30, 2023 as against 2.51x as at March 31, 2023 which was higher than the minimum regulatory requirement of 1.50x.

NE BUSINESS BUREAU

MUMBAI, JULY 18

ICICI Lombard General Insurance Ltd reported a nearly 12% rise in first-quarter profit on Tuesday, led by growth in investment income and premium earned.

The ICICI Bank-backed insurer said its profit after tax stood at ₹390 crore for the quarter ended June 30, compared with ₹349 crore a year earlier.

Income from investments jumped nearly 27% to ₹622 crore, helped by an increase in the market value of securities and higher profits on the sale of investments.

Net premium earned rose 12% to ₹3,887 crore.

Net premium income from the motor business, which accounted for more than half of the total premium collected, climbed 3.3% to ₹2,103 crore after sales of vehicles picked up.

The net income was also boosted by a reversal of tax provision of ₹128 crore from Q2FY23, the company said.

Commenting on the Q1 FY2024 performance Bhargav Dasgupta – MD & CEO, ICICI Lombard, said, “Our strong performance in Q1 reflects our unwavering commitment to delivering value to our stakeholders. Despite challenging market conditions, we have managed to achieve robust growth and maintain profitability. This is a testament to the resilience of our business model, the dedication of our team, and the trust placed in us by our customers”

Operating Performance Review       

(₹ billion)

* PAT includes reversal of tax provision of ₹ 1.28 billion in Q22023

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