ICICI Lombard Q2 net up 32% to Rs 591 cr on reversal of tax provision

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

Aided by a reversal of tax provision, ICICI Lombard General Insurance’s net profit jumped 32 per cent to Rs 591 crore in the July-September quarter (Q2FY23), from Rs 447 crore in the same period last year.

Its gross direct premium income was up 17 per cent to Rs 5,185 crore in Q2FY23 compared to Rs 4,424 crore in the same period a year ago. Its gross and net earned premium was up 18 per cent during the same period to Rs 5,503 crore and Rs 3,387 crore, respectively.

The company’s combined ratio, which indicates an insurer’s discipline in underwriting policies,