ICICI Lombard Q1 PAT climbs 80% YoY to Rs 349 cr

ICICI Lombard General Insurance Company's net profit soared 79.6% to Rs 349.03 crore on 2.9% rise in total income to Rs 4,149.38 crore in Q1 FY23 over Q1 FY22.

Profit before tax jumped 80.1% to Rs 465.11 crore in Q1 FY23 from Rs 258.26 crore posted in Q1 FY22. The insurance company reported capital gains of Rs 32 crore in Q1 FY23 as against Rs 327 crore in Q1 FY22.

Gross Direct Premium Income (GDPI) of the company was at Rs 5,370 crore in Q1 FY23 as compared to Rs 4,188 crore in posted Q1 FY22, registering a growth of 28.2%. This growth was higher than the industry growth at 23% during the same period.

Combined ratio was at 104.1% in Q1 FY23 as against 123.5% in Q1 FY22. Solvency ratio stood at 2.61x as of 30 June 2022 as against 2.46x at 31 March 2022 and higher than the minimum regulatory requirement of 1.50x. Return on Average Equity (ROAE) increased to 15% in Q1 FY23 as against 9.4% in Q1 FY22.

ICICI Lombard General Insurance Company is one of the leading general insurance companies and the leading motor insurer in the country. The company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.

Shares of ICICI Lombard General Insurance Company declined 2.76% to Rs 1,233.85 on the BSE.

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