ICICI Lombard net profit rises 12% on premium boost
ICICI Lombard reported a net profit increase of 12% year-on-year to ₹390 crore during the quarter ended June 30, 2023, compared with ₹349 crore in the corresponding quarter in the previous year. The company's gross direct premium rose 18.9% to ₹6,387 crore over the same period last year.
ICICI Lombard's income from investments also witnessed a growth of 27%, amounting to ₹622 crore for the quarter aided by higher profits from sale of investments. However, return on average equity (ROAE) was 14.7% in Q1 FY24 as against 15.0% in Q1 FY23.
ICICI Lombard's shares closed 0.94% lower at ₹1,352 on the Bombay Stock Exchange. ICICI Lombard's solvency ratio rose to 2.513x for the quarter ended June, compared to 2.51x in the March quarter.
The combined ratio, which is a measure of profitability, was at 103.8% due to the impact of the cyclone. Combined ratio is calculated by adding incurred losses and expenses and dividing them by the premium earned.
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