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Total income increased by 14.69% to Rs 5,003.15 crore in Q3 FY24 as against Rs 4,362.00 crore recorded in corresponding quarter last year.
Profit before tax stood at Rs 573.73 crore in the third quarter of FY24, registering a growth of 23.31% from Rs 465.26 crore posted in Q3 FY23.
Gross direct premium income (GDPI) of the company was at Rs 6,230 crore in Q3 FY24 as against Rs 5,493 crore in Q3 FY23, rising 13.41%. The growth was higher than industry growth of 12.3%.
Combined ratio stood at 103.6% in Q3 FY24 as against 104.4% in Q3 FY23. Excluding the impact of CAT losses of Rs 54 crore in Q3 FY24 and the combined ratio was 102.3%.
Return on average equity (ROAE) was 15.3% in Q3 FY24 as compared to 14.3% reported in the same period a year ago.
Solvency ratio was 2.57x at 31 December 2023 as against 2.59x at 30 September 2023 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.51x at 31 March 2023.
On nine month basis, the company's net profit increased 8.28% to Rs 1,399.09 crore on 13.63% increase in total income to Rs 14,590.38 crore in 9M FY24 over 9M FY23.
ICICI Lombard is India's largest private sector general insurance company based on gross direct premium. The company offers a comprehensive range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. Its parent - ICICI Bank, which is one of the largest private sector banks in the country, holds 48.01% stake in the company as of 30 September 2023.
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