The general insurer reported 11% rise in net profit to Rs 352.53 crore on 13.7% increase in total income to Rs 4,570.11 crore in Q3 FY23 over Q3 FY22.
Profit before tax stood at Rs 465.26 crore in quarter ended 31 December 2022, registering a growth of 10.5% from Rs 420.94 crore posted in Q3 FY22.
The insurance company's capital gains jumped 16.03% to Rs 152 crore in Q3 FY23 as against Rs 131 crore in Q3 FY22.
Gross Direct Premium Income (GDPI) of the company was at Rs 5,493 crore in Q3 FY23 as compared to Rs 4,699 crore posted in Q2 FY22, registering a growth of 16.9% as against the industry growth of 18.1%.
Excluding crop, GDPI growth of the company was at 17.1%, which was higher than the industry growth of 16.6% in Q3 2023.
Combined ratio was at 104.4% in Q3 FY23 as compared to 104.5% registered in the same period a year ago.
Solvency ratio was 2.45x as at 31 December 2022 as against 2.47x as at 30 September 2022 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.46x as at 31 March 2022.
Return on Average Equity (ROAE) increased to14.3% in Q3 FY23 as against 14.6% recorded in Q3 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 tumbled 4.11% to Rs 1,198.80 on the BSE.
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