Stake sale, easing competitive pressures key for ICICI Lombard

The combined ratio at 104.2 per cent was stable quarter-on-quarter (QoQ), despite a rising 74.2 per cent claims ratio (up from 70.3 per cent in Q3FY23)

ICICI Lombard General Insurance has been a laggard in the private general insurance space and results for the fourth quarter of the 2022-23 financial year (Q4FY23) disappointed the market, though industry analysts claimed the print was on expected lines.

ICICI Lombard reported a net profit of Rs 437 crore in Q4FY23, up 40 per cent year-on-year (YoY). Gross premium growth was moderate at 6.8 per cent after adjusting for a one-off sale transaction in February 2023, and 12.5 per cent unadjusted. This amounted to 12 per cent growth in net premium.

The combined ratio at 104.2 per cent was stable quarter-on-quarter (QoQ),