ICICI Lombard Q3 Net Jumps 67.9%
ICICI Lombard General Insurance reported a 67.9% increase in net profit for Q3 FY25 to ₹724 crore compared to ₹431 crore in Q3 FY24. The increase was partly aided by a 155% jump in capital gains to ₹276 crore.
Gross Domestic Premium Income declined marginally by 0.3% to ₹6,214 crore from ₹6,230 crore in Q3 FY24, underperforming the industry growth rate of 9.5%.
The decline was attributed to new regulatory norms requiring insurers to account for long-term policy premiums on a pro-rata (1/n) basis, rather than upfront. Adjusting for this change, GDPI grew 4.8%, the company said.
The combined ratio improved to 102.7% from 103.6% a year ago, and excluding CAT losses of ₹54 crore, the ratio stood at 102.3%. ICICI Lombard's solvency ratio was at 2.36 times as of December 31, 2024.
Read more on economictimes.indiatimes.com
