ICICI Lombard Q3FY25 results: Net profit jumps 67.9% to Rs 724 crore

The second-largest general insurer, ICICI Lombard General Insurance, reported a 67.9 per cent year-on-year (Y-o-Y) growth in net profit to Rs 724.4 crore in the October–December quarter of FY25 from Rs 431.45 crore in the year-ago period.

 

The Gross Direct Premium Income (GDPI) slipped by 0.3 per cent to Rs 6,214 crore from Rs 6,230 crore in Q3 FY24 due to the new premium accounting norms. Excluding the impact of the 1/N accounting norms, GDPI grew by 4.8 per cent Y-o-Y in the quarter.

 

The Insurance Regulatory and Development Authority of India (Irdai) mandated general insurers to account for long-term products on a 1/N basis effective from October 1, 2024.

 

In the quarter under review, the company’s capital gains stood at Rs 276 crore in Q3 FY25 as against Rs 108 crore in Q3 FY24. Its total income in the quarter rose to Rs 5,882.8 crore from Rs 5,004.24 crore in the year-ago period.

 

The Gross Written Premium (GWP) inched up by 0.59 per cent to Rs 6,474 crore from Rs 6,436.62 crore. The underwriting loss of the general insurer narrowed to Rs 152.3 crore from Rs 283.44 crore in Q3 FY24.

 

The incurred claim ratio of the general insurer stood at 65.8 per cent as compared to 70 per cent in the year-ago period.

 

The combined ratio of the company fell to 102.7 per cent from 103.6 per cent. Excluding the impact of catastrophe (CAT) losses of Rs 54 crore in Q3 FY24, the combined ratio was 102.3 per cent, as there were no CAT losses for Q3 FY25.