The net profit of ICICI Lombard General Insurance rose 32.2 per cent to Rs 590.53 crore on an 18.14 per cent rise in total income to Rs 4,499.03 crore in the second quarter of FY23 over the second quarter of FY22.

In the second quarter of FY23, Profit before tax (PBT) grew 2.7 per cent to Rs 609.67 crore from Rs 593.87 crore in Q2FY22. The insurance company reported capital gains (net of impairment on equity investment assets) of Rs 111 crore in the second quarter of FY23 compared with Rs 144 crore in the second quarter of FY22.

In the second quarter of FY23, Gross Direct Premium Income (GDPI) was at Rs 5,185 crore compared to Rs 4,424 crore posted in the second quarter of FY22, registering a growth of 17.2 per cent. This growth was higher than the industry growth of 10 per cent.

Compared with the second quarter of this financial year to the second quarter of the previous financial year, the Combined ratio was at 105.1 per cent with 105.3 per cent, excluding the impact of flood and cyclone losses of Rs 28 crore.

The solvency ratio stood at 2.47x at the end of the September quarter of 2022 compared to 2.61x in the June quarter of 2022 and higher than the minimum regulatory requirement of 1.50x. Return on Average Equity (ROAE) increased to 24.5 per cent in the second quarter of  FY23 compared with 21 per cent in Q2 FY22.

This company is the leading general insurance company and motor insurer in the country. To offer a comprehensive and well-diversified range of products through multiple distribution channels, including liability insurance, motor, fire, marine, crop, health, engineering and personal accident. The company’s shares rose 0.26 per cent to Rs 1,152.70 on the Bombay Stock Exchange (BSE).