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ICICI Lombard General Insurance profit rises 40% as premiums climb

The Mumbai-based insurer's March-quarter profit after tax rose to Rs 437 crore ($53.29 million), from Rs 313 crore posted a year ago

ICICI Lombard

Reuters Bengaluru

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ICICI Lombard General Insurance posted a 40% jump in its fourth-quarter profit after tax, driven by higher income from premiums.

The Mumbai-based insurer's March-quarter profit after tax rose to Rs 437 crore ($53.29 million), from Rs 313 crore posted a year ago.

The insurer's combined ratio, a key profitability metric for an insurance firm's underwriting business, improved to 104.2% from 103.2% seen a year ago.

The combined ratio measures the incurred losses and expenses in relation to total premiums collected.

Its solvency ratio, a measure of an insurer's ability to meet its long-term debt obligations, rose to 2.51 from 2.46 in the year-ago period.

ICICI Lombard's motor business, which contributes to around 60% of the company's net premium income, rose 9% to Rs 2,102 crore for the quarter.

Net premium income rose 12.3% to Rs 3,726 crore, while income from investments advanced 14.5% to Rs 616 crore.

Shares of ICICI Lombard closed 2.4% higher on Tuesday ahead of the results.

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First Published: Apr 18 2023 | 7:37 PM IST

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