The insurer’s combined ratio, a key matrix in any general insurer’s profitability stood at 105.1 per cent in Q2 FY2023 as against 105.3 per cent in Q2 FY2022
The company’s underwriting losses have gone up by 51 per cent to Rs 152 crore in the reporting period
Mumbai:
With a gain out of a reversal of tax provision of Rs128 crore, the net profit of ICICI Lombard General Insurance, the largest private sector company in the industry, grew by 32.2 per cent to Rs 591 crore in Q2 FY2023 from Rs 447 crore in Q2 FY2022.
Excluding reversal of tax provision, growth in the profit of tax was 3.4 per cent for Q2 FY2023, said the company on Tuesday.
The Board of Directors of the company has declared interim dividend of Rs 4.50 per share for H1 FY2023.
The gross premium of the company was at Rs ₹ 5185 crore in Q2 FY2023 as against Rs 4424 billion in Q2 FY2022, showing a growth of 17.2 per cent..
The insurer’s combined ratio, a key matrix in any general insurer’s profitability, stood at 105.1 per cent in Q2 FY2023 as against 105.3 per cent in Q2 FY2022.
Excluding the impact of flood and cyclone losses of Rs 28 crore, the combined ratio was 104.3 per cent in Q2 FY2023 as against 103.7% in Q2 FY2022
The company’s underwriting losses have gone up by 51 per cent to Rs152 crore in the reporting period.
The general insurers has seen its net investment income rising by 15 per cent to Rs 635 crore in Q2 FY2023.
The general insurer’ss Return on Average Equity (ROAE) was 24.5 per cent in Q2 FY2023 compared to 21.0 per cent in Q2 FY2022.
The company’s solvency ratio was 2.47x at September 30, 2022 as against 2.61x at June 30, 2022 and higher than the minimum regulatory requirement of 1.50x.
The ICICI Lombard counter closed 1.5 per cent up at Rs 1,149.10 on the BSE whose benchmark gauge Sensex rose 0.94 per cent, closing higher for the third straight day.