ICICI Lombard Q1 PAT climbs 49% YoY to Rs 580 cr

The general insurer's net profit surged 48.68% to Rs 580.37 crore in Q1 FY25 as against Rs 390.36 crore recorded in Q1 FY24.

Total income jumped 17.88% year on year to Rs 5,351.95 crore in the quarter ended 30 June 2024.

Profit before tax stood at Rs 773.99 crore in the June quarter, up 48.84% from Rs 520.01 crore posted in Q1 FY24.

Gross direct premium income (GDPI) of the company was at Rs 7,688 crore in Q1 FY25, registering a growth of 20.37% YoY, which was higher than the industry growth of 13.3%.

Excluding crop and mass health, GDPI growth of the company was at 19.7%, which was higher than the industry growth of 14.8% in Q1 FY25.

Combined ratio stood at 102.3% in Q1 FY25 as against 103.8% reported in the same period a year ago.

Capital gains were at Rs 284 crore in Q1 FY25, steeply higher than Rs 123 crore posted in Q1 FY24.

Return on average equity (ROAE) was 19.1% in Q1 FY25 as compared to 14.7% reported in Q1 FY24.

Solvency ratio was 2.56x as at 30 June 2024 as against 2.62x as at 31 March 2024, which was higher than the minimum regulatory requirement of 1.50x.

ICICI Lombard is India's largest private sector general insurance company based on gross direct premium. The company offers a comprehensive range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. Its parent - ICICI Bank, which is one of the largest private sector banks in the country, holds 51.81% stake in the company as of 30 June 2024.

The scrip slipped 1.50% to end at Rs 1,882.15 on Friday, 19 July 2024.

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