 "ICICI Lombard")
The country’s largest private sector general insurer ICICI Lombard's net profit jumped 79.6 per cent year-on-year (YoY) to Rs 349 crore in the April-June quarter of FY23, on the back of a healthy growth in premium income. In the year-ago period, its net profit was to the tune of Rs 194 crore.
The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period.
Underwriting losses of the insurer narrowed to Rs 193.28 crore in Q1FY23 from Rs 624.92 crore a year ago.
The insurer's combined ratio, which
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