ICICI Lombard General Insurance Q4 Net Profit Jumps 18.9%

Largest private sector general insurer ICICI Lombard on Wednesday reported an 18.9% increase in its March quarter net profit at Rs 520 crore.

The city-based company had reported a post-tax net profit of Rs 437 crore in the year-ago period.

For the fiscal year 2023-24, the company reported an 11% increase in the profit after tax at Rs 1,919 crore, up from Rs 1,729 crore in the year-ago period.

The Gross Direct Premium Income grew 22% to Rs 6,073 crore for the reporting quarter, up from Rs 4,977 crore in the year-ago period, it said, adding that it was higher than the 9.5%.

The solvency ratio was 2.62 times on March 31, 2024, as against 2.57 times on December 31, 2023, and 2.51 times a year ago.