Total income grew by 12.23% year on year to Rs 5049.20 crore in the quarter ended 30 September 2023.

Profit before tax stood at Rs 763.65 crore in the second quarter of FY24, registering a growth of 25.3% from Rs 609.67 crore recorded in Q2 FY23.

Gross direct premium income (GDPI) of the company was at Rs 6,086 crore in Q2 FY24 as against Rs 5,185 crore in Q2 FY23, rising 17.4%. This growth was higher than industry growth of 12.5%.

Combined ratio stood at 103.9% in Q2 FY24 as against 105.1% in Q2 FY23. Excluding the impact of CAT losses of Rs 48 crore in Q2 FY24 and Rs 28 crore in Q2 FY23, the combined ratio was 102.8% and 104.3%.

Return on average equity (ROAE) was 21.1% in Q2 FY24 as compared to 24.5% reported in the same period a year ago.

Solvency ratio was 2.59x at 30 September 2023 as against 2.53x at 30 June 2023 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.51x at 31 March 2023.

On half-yearly basis, the company's net profit rose 3% to Rs 967.63 crore on 13.09% increase in total income to Rs 9587.23 crore in H1 FY24 over H1 FY23.

Meanwhile, the firm's board has declared an interim dividend of Rs 5 per equity share for FY24. the record date for the same is 27 October 2023 and the dividend will be paid on or before Friday, 110 November 2023.

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 June 2023.

Shares of ICICI Lombard General Insurance Company rose 0.94% to Rs 1,371 on the BSE.