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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app