ICICI Lombard General Insurance Company Ltd. for the second quarter ended September 30, reported 20% growth in net profit to ₹694 crore compared with ₹577 crore in the year-earlier period.
The company’s gross premium written during the quarter increased 11% to ₹6,948 crore from ₹6,272 crore in the same period last year.
The Gross Direct Premium Income (GDPI) of the company stood at ₹6,721 crore against ₹6,086 crore in the year-earlier period, up 10.4%.
“This growth was higher than industry growth of 2%. Excluding crop and mass health, GDPI growth of the company was at 9.4%, which was higher than the industry growth of 6.9% in Q2 FY2025,” the company said in a statement.
Combined ratio stood at 104.5% in Q2 FY2025 as against 103.9% in Q2 FY2024. Excluding the impact of CAT losses of ₹94 crore in Q2 FY2025 and ₹48 crore in Q2 FY2024, the combined ratio was 102.6% and 102.8% respectively.
Solvency ratio was 2.65 times as at September 30, 2024 as against 2.56 times as at June 30, 2024 and higher than the minimum regulatory requirement of 1.50 times. Solvency ratio was 2.62 times as at March 31, 2024, it said.
The board has declared interim dividend of ₹5.50 per share for H1 FY2025 as against ₹ 5.00 for H1 FY2024.
Published – October 18, 2024 10:15 pm IST
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