ICICI Lombard Q3 PAT spurts 68% YoY to Rs 724 crore

The general insurer's net profit surged 67.89% to Rs 724.38 crore on 17.56% rise in total income to Rs 5,882.83 crore in Q3 FY25 over Q3 FY24.

Profit before tax stood at Rs 960.11 crore in the December 2024 quarter, up 67.35% from Rs 573.73 crore posted in Q3 FY24.

The insurere stated, With effect from October 1, 2024 long-term products are accounted on a 1/n basis, as mandated by IRDAI, hence Q3 & 9M FY25 are not comparable with prior years.

Gross direct premium income (GDPI) of the company was at Rs 6,214 crore in Q3 FY25, registering a de-growth of 03% YoY, a de-growth of 0.3%, as against the industry growth of 9.5%. Excluding the impact of 1/n, GDPI grew by 4.8% for Q3 FY25.

Combined ratio stood at 102.7% in Q3 FY25 as against 103.6% reported in the same period a year ago.

Capital gains were at Rs 276 crore in third quarter of FY25, steeply higher than Rs 108 crore posted in Q3 FY24.

Return on average equity (ROAE) was 21.5% in Q3 FY25 as compared to 15.3% reported in Q3 FY24.

Solvency ratio was 2.36x as at 31 December 2024 as against 2.65x as at 30 September 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 51.66% stake in the company as of 30 September 2024.

The scrip rose 2.04% to end at Rs 1,947.15 on Friday, 18 January 2025.

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