ICICI Lombard's profit drops 2.2%, premium income up 17.4%
ICICI Lombard General Insurance reported a 2.2% decline in net profit to ₹577 crore in the second quarter of the financial year.
During the same quarter a year ago, the company reported a net profit of ₹591 crore.
The company said that excluding the one-time impact of the reversal of tax provision, the profit after tax grew by 19.2% during the first half of FY24 and 24.8% during the second quarter.
Gross direct premium income grew 17.4% to ₹6,086 crore during the quarter as against ₹5,185 crore in the year-ago period.
The combined ratio stood at 103.9% as against 105.1% a year ago. Excluding the impact of catastrophe losses of ₹48 crore during the second quarter, the combined ratio was 102.8%.
The solvency ratio was 2.59 times as of September 30, 2023, compared to 2.53 times on June 30, 2023, and higher than the minimum regulatory requirement of 1.50 times.
