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Profit before tax stood at Rs 520.01 crore in the quarter ended 30 June 2023, registering a growth of 11.8% from Rs 465.09 crore recorded in Q1 FY23.
The insurance company's capital gains grew to Rs 123 crore in Q1 FY24 as against Rs 32 crore reported in the same period last year.
Gross Direct Premium Income (GDPI) of the company was at Rs 6,387 crore in the first quarter of FY24 as compared to Rs 5,370 crore posted in Q1 FY23, recording a growth of 18.9% as against the industry growth of 17.9%.
Combined ratio stood at 103.8% in Q1 FY24 as compared to 104.1% registered in the corresponding quarter previous year.
Solvency ratio was 2.53x as at 30 June 2023 as against 2.51x as at 31 March 2023 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.61x as at 30 June 2022.
Return on Average Equity (ROAE) improved to 14.7% in Q1 FY24 as against 15% recorded in Q1 FY23.
ICICI Lombard General Insurance Company is the leading private general insurance company in the country. The company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. ICICI Lombard has 305 branches and 12,865 employees, as on 31 March 2023.
Shares of ICICI Lombard General Insurance Company added 0.69% to Rs 1,361.55 on the BSE.
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