ICICI Lombard Q1 Result: Net profit jumps 80% to Rs 349 crore

 ICICI Lombard General Insurance Company on Tuesday reported a jump of about 80 per cent in its net profit at Rs 349 crore in quarter ended June 2022.

The company had posted a net profit of Rs 194 crore in the corresponding quarter a year ago.

"Profit Before Tax (PBT) grew by 80.1 per cent to Rs 465 crore in Q1 FY2023. Capital gains were at Rs 32 crore in Q1 FY2023 as against Q1 FY2022. Consequently, Profit After Tax (PAT) grew by 79.6 per cent to Rs 349 crore in Q1 FY2023 as against Rs 194 crore in Q1 FY2022," the company said in a regulatory filing.

The Gross Direct Premium Income (GDPI) during April-June quarter of the fiscal year 2022-23 was up by 28.2 per cent at Rs 5,370 crore, ICICI Lombard said.

The GDPI in same quarter of 2021-22 stood at Rs 4,188 crore.

The insurer said company's solvency ratio was 2.61 times on June 30, 2022 as against 2.46 times on March 31, 2022 and higher than the minimum regulatory requirement of 1.50 times.

Return On Average Equity (ROAE) was 15 per cent during the reported quarter as against 9.4 per cent in the year-ago period.

ICICI Lombard offers motor, health, crop, fire, personal accident, marine, engineering and liability insurance.

Stock of ICICI Lombard closed at Rs 1,268.85 apiece on BSE, down by 0.51 per cent from previous close.