Leading general insurer ICICI Lombard on Tuesday reported an 11 percent growth in net income at Rs 353 crore in the three months ended December boosted by capital gains of Rs 152 crore and higher sales.
The company's gross direct premium income for the quarter rose 16.9 per cent, lower than the industry growth of 18.1 per cent, at Rs 5,493 crore. In the year-ago period, the same stood at Rs 4,699 crore.
Excluding crop segment, the gross direct premium income growth was 17.1 per cent, which is higher than the industry growth of 16.6 per cent, the company said in a statement.
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The combined ratio, a key profitability matrix, improved to 104.4 from 104.5 on-year, it added.
The ICICI group company booked Rs 152 crore from its market investments in the latest December quarter, up from Rs 131 crore a year ago, boosting its bottom line.
Its solvency ratio was 2.45x as against 2.47x as of September 2022 and 2.46x in March 2022.
ICICI Lombard is a leader in motor insurance apart from health, crop, fire, personal accident, marine, engineering, and liability insurance. The company has issued over 29.3 million policies, settled 2.3 million claims and has a gross written premium of Rs 18,562 crore as of March 2022.
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Ahead of the earnings announcement, the ICICI Lombard counter closed flat at Rs 1,250.15 on the BSE, whose benchmark Sensex rallied almost 1 percent.
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