Total income declined marginally to Rs 5,161.73 crore in Q4 FY24 as against Rs 5,255.58 crore recorded in the corresponding quarter last year.

Profit before tax stood at Rs 697.79 crore in the fourth quarter of FY24, registering a growth of 21.88% from Rs 572.51 crore posted in Q4 FY23.

Gross Direct Premium Income (GDPI) of the company was at Rs 6,073 crore in Q4 FY24, up 22% from Rs 4,977 crore in Q4 FY23. This growth was higher than the industry growth of 9.5%.

Excluding crop and mass health, GDPI growth of the company was at 22%, which was higher than the industry growth of 13.8% in Q4 FY2024, said the firm.

Combined ratio stood at 102.2% in Q4 FY24 as against 104.2% reported in the same period a year ago.

Capital gains were at Rs 156 crore in Q4 FY24, up 1.89% as against Rs 159 crore posted in Q4 FY23.

Return on average equity (ROAE) was 17.8% in the March quarter as compared to 17.2% reported in Q4 FY23.

On full year basis, the company's net profit increased 10.96% to Rs 1,918.59 crore on 9.16% increase in total income to Rs 19,752.11 crore in FY24 over FY23.

Solvency ratio was 2.62x at 31 March 2024 as against 2.57x at 31 December 2023 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.51x at 31 March 2023.

Meanwhile, the firm’s board has recommended a final dividend of Rs 6 per equity share for the financial year ended 31 March 2024, subject to approval of the members of the company.

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 51.27% stake in the company as of 31 March 2024.