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ICICI Lombard posts 12% rise in Q1 profit on higher investment income

Income from investments jumped nearly 27% to 6.22 billion rupees, helped by an increase in the market value of securities and higher profits on the sale of investments

ICICI Lombard
Net premium income from the motor business, which accounted for more than half of the total premium collected, climbed 3.3% to 21.03 billion rupees after sales of vehicles picked up.
Reuters BENGALURU
1 min read Last Updated : Jul 18 2023 | 7:01 PM IST

BENGALURU (Reuters) - India's ICICI Lombard General Insurance Ltd reported a nearly 12% rise in first-quarter profit on Tuesday, led by growth in investment income and premium earned.

The ICICI Bank-backed insurer said its profit after tax stood at 3.90 billion rupees ($47.5 million) for the quarter ended June 30, compared with 3.49 billion rupees a year earlier.

Income from investments jumped nearly 27% to 6.22 billion rupees, helped by an increase in the market value of securities and higher profits on the sale of investments.

Net premium earned rose 12% to 38.87 billion rupees.

Net premium income from the motor business, which accounted for more than half of the total premium collected, climbed 3.3% to 21.03 billion rupees after sales of vehicles picked up.

Shares of ICICI Lombard closed nearly 1% lower ahead of results.

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($1 = 82.0374 Indian rupees)

 

(Reporting by Kashish Tandon; Editing by Dhanya Ann Thoppil)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :ICICI Lombard General InsuranceICICI LombardQ1 resultsInvestment

First Published: Jul 18 2023 | 7:01 PM IST

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