ICICI Lombard General Insurance Q3 net profit jumps 68% to Rs 724 crore

ICICI Lombard

ICICI Lombard General Insurance on January 17 reported a 67.9 percent rise in its net profit to Rs 724.38 crore in the third quarter of the current financial year.

On sequential basis, net profit rose 4.39 percent.

In the reporting quarter, gross premium written rose to Rs 6474.45 crore, from Rs 6436.62 crore in a year-ago period.

Net premium written rose to Rs 5084.05 crore in October-December quarter, from Rs 4690.74 crore in a year ago period.

The total expenditure of the company during the period under review increased to Rs 5197.47 crore as against Rs 4588.25 crore in the corresponding period a year ago.

Total income in the latest December quarter rose to Rs 5882.83 crore from Rs 5004.24 crore in the year-ago period, ICICI Lombard said in a regulatory filing.

ICICI Lombard's solvency ratio was 236 percent at the end of December as against 265 percent at the end of December last year. This is higher than the minimum regulatory requirement of 150 percent.

Based on the recommendation of the Board Nomination and Remuneration Committee, the Board of Directors of the Company have approved appointment of Girish Sehgal, Chief - Customer Experience, Support and Operations, as Key Management Person (“KMP”) and Senior Management Personnel (“SMP”) of the Company, with effect from January 21, 2025.