ICICI Lombard's net profit rises 11% in Q3 on strong premium income

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

ICICI Lombard General Insurance’s net profit for the December quarter Q3) of FY23 increased 11 per cent year-on-year (YoY) to Rs 353 crore, aided by a healthy rise in gross premiums underwritten.

Meanwhile, gross premiums earned by the insurer rose 17 per cent YoY to Rs 5,600 crore in Q3. Its gross direct premium income (GDPI) stood at Rs 5,493 crore, up 17 per cent from the year-ago period. 

 

However, the insurer reported a 9 per cent increase in underwriting losses in the period under review (Q3FY23) to Rs 293.46 crore. “Q3 is a seasonal quarter in so