Private sector non-life insurer ICICI Lombard General Insurance Company on Tuesday, July 18, reported a 12 percent year-on-year (YoY) increase in net profit at Rs 390.4 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, the company posted a net profit of Rs 349 crore, the company said in a regulatory filing.
The gross direct premium income (GDPI) of the company was at Rs 6,622.1 crore in the fourth quarter against Rs 5,530 crore in the same period of last year, a growth of 19.7 percent.
The return on average equity (ROAE) was 14.7 percent in the first quarter of FY24 against 15 percent in the first quarter of FY23. The solvency ratio was 2.53x as of June 30, 2023 compared to 2.51x as of March 31, 2023, which was higher than the minimum regulatory requirement of 1.5x.
The combined ratio stood at 103.8 percent for Q1 of FY24 compared to 104.1 percent for Q1 of FY23. However, excluding the impact of the cyclone of Rs 35 crore, the combined ratio was 102.9 percent for Q1 of FY24.
The results came after the close of the market hours. Shares of ICICI Lombard General Insurance Company Ltd ended at Rs 1,348, down by Rs 17, or 1.25 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jul 18, 2023 6:40 PM IST
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