ICICI Lombard slips 6% on disappointing Q3 results

ICICI Lombard delivered weaker-than-expected performance in Q3FY23 on all counts - weaker premium, lower investment income, and higher expense ratio, Motilal Oswal Financial Services said

Shares of ICICI Lombard General Insurance Company slipped 6 per cent to Rs 1,174.35 on the BSE in Wednesday's intra-day trade after the company reported a disappointing set of earnings for the third quarter of financial year 2022-23 (Q3FY23).

The insurer reported a 9 per cent increase in underwriting losses in the period under review to Rs 293.46 crore.

"Q3 is a seasonal quarter in so far as retail lines of businesses are concerned. Given the fact that the mix of retail is higher in Q3, any cost of distribution that a company incurs has to be shelled