Lower underwriting losses help ICICI Lombard General raise Q4 profit 40% to Rs 437 cr

ICICI Lombard

ICICI Lombard General Insurance Company has reported a 40 percent rise in its net profit at Rs 437 crore for the fourth quarter ended March 2023. The non-life insurer had posted a net profit of Rs 313 crore in the corresponding period of 2021-22.

In the March quarter, underwriting losses came at Rs 250.78 crore, down from Rs 308.98 crore a year ago. This supported the surge in profit.

The total income of the company stood at Rs 5,255.58 crore in the quarter under review as compared to Rs 4,636 crore in the year-ago period, ICICI Lombard said in a regulatory filing on April 18.

The company has proposed a final dividend of Rs 5.50 per share for FY23, it said.

Solvency ratio was 2.5 times at March-end 2023 as against 2.45 times on March 31, 2022, and higher than the minimum regulatory requirement of 1.50 times.

For the full year 2022-23, the profit after tax or net profit increased 36 percent to Rs 1,729 crore from Rs 1,271 crore in the preceding fiscal year.