ICICI Lombard Q1 Results: Net profit rises 12% YoY to Rs 390 crore

ICICI Lombard on Tuesday reported a 12% year-on-year increase in net profit to Rs 390 crore for the first quarter ended June. The company had posted a net profit of Rs 349 crore in the year-ago period.

The company has clocked an operating profit of Rs 331 crore during the June quarter, up 4% from Rs 317 crore reported in the same quarter last year.

Income from investments rose 27% to Rs 621 crore in the first quarter, compared with Rs 490 crore in the corresponding quarter of previous year.

The company’s gross direct premium income (GDPI) came in at Rs 6,387 crore in Q1, compared with Rs 5,370 crore a year ago, showing 19% growth. This is higher than the industry growth of 17.9%.

Excluding crop, GDPI growth of the company was at 19.2%. The combined ratio stood at 103.8% for the reporting quarter as against 104.1% in the same quarter of last year.

Excluding the impact of cyclone of Rs 35 crore, the combined ratio was 102.9% for the first quarter.

Profit before tax (PBT) grew 12% to Rs 520 crore in the reporting quarter as against Rs 465 billion in the same period last year.Meanwhile, capital gains was at Rs 123 crore in Q1. It was Rs 32 crore in Q1 of FY23. The company’s return on average equity (ROAE) was 14.7% in Q1FY24 as compared to 15% in Q1FY23.

ICICI Lombard’s solvency ratio stood at 2.53x as of June 2023, compared with 2.51x at the end of March 2023, which was higher than the minimum regulatory requirement of 1.50x.

For the first quarter, corporate bonds made up 38.1% of the investment portfolio, while G-Secs contributed 43.7% and equity 11%. The company is sitting with an unrealised gain of Rs 604 crore as on June 2023.

On Friday, ICICI Lombard shares closed 0.89% lower at Rs 1,353 on NSE.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.