ICICI Lombard Gen Insurance Q4 net profit jumps 18.9 pc

ICICI Lombard Gen Insurance Q4 net profit jumps 18.9 pc

Largest private sector general insurer ICICI Lombard on Wednesday reported an 18.9 per cent 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 per cent 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 per cent 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 per cent.

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.

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