ICICI Lombard General Insurance Company's net profit rose 32.2% to Rs 590.53 crore on 18.14% rise in total income to Rs 4,499.03 crore in Q2 FY23 over Q2 FY22.
Profit before tax grew 2.7% to Rs 609.67 crore in Q2 FY23 from Rs 593.87 crore posted in Q2 FY22. The insurance company reported capital gains (net of impairment on equity investment assets) of Rs 111 crore in Q2 FY23 as against Rs 144 crore in Q2 FY22.Gross Direct Premium Income (GDPI) of the company was at Rs 5,185 crore in Q2 FY23 as compared to Rs 4,424 crore in posted Q2 FY22, registering a growth of 17.2%. This growth was higher than the industry growth of 10%.
Combined ratio was at 105.1% in Q2 FY23 as against 105.3% in Q2 FY22. Excluding the impact of flood and cyclone losses of Rs 28 crore, the combined ratio was 104.3% in Q2 FY23 as against 103.7% in Q2 FY22 excluding the impact of cyclone and flood losses of Rs 50 crore.
Solvency ratio stood at 2.47x as of 30 September 2022 as against 2.61x at 30 June 2022 and higher than the minimum regulatory requirement of 1.50x. Return on Average Equity (ROAE) increased to 24.5% in Q2 FY23 as against 21% in Q2 FY22.
ICICI Lombard General Insurance Company is one of the leading general insurance companies and the leading motor insurer 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.
Shares of ICICI Lombard General Insurance Company rose 0.26% to Rs 1,152.70 on the BSE.
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