It had a combined ratio of 104.1 per cent in Q1 FY2023 as against 123.5 per cent in Q1 FY2022
Its underwriting losses have fallen by almost 70 percent y-o-y to Rs 193 crore during the period
Mumbai:
With a major drop in its underwriting losses, ICICI Lombard General Insurance saw an almost 80 per cent year on-year (y-o-y) upswing in its net to Rs 349 crore in Q1 FY2023 as against Rs 194 crore in Q1 FY2022.
The country’s second largest general insurer recorded a 28 per cent y-o-y jump in its gross direct premium income (GDPI) to Rs 5370 crore in Q1 FY2023 as against Rs 4188 crore in Q1 FY2022.
It had a combined ratio of 104.1 per cent in Q1 FY2023 as against 123.5 per cent in Q1 FY2022 and accordingly its underwriting losses have fallen by almost 70 percent y-o-y to Rs 193 crore during the period.
The company’s incurred claim ratio(ICR) has fallen to 72 per cent in Q12023 from 89.4 % in Q1 2022.
The insurer’s investment income was at Rs 490 crore in Q1 FY2023 as against Rs 668 crore in Q1 FY2022.
The general insurer which had exited the crop insurance business a few years ago, has restarted the business and in Q1 2023, the segment constitutes 2.6 per cent of the company’s product mix as has won two clusters in Maharashtra comprising of seven districts of Maharashtra.
Its solvency ratio was 2.61x at June 30, 2022 as against 2.46x at March 31, 2022 and higher than the minimum regulatory requirement of 1.50x, said the company.