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Friday, October 18, 2024

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ICICI Lombard Q2 FY25 Results: Net profit Increases 20% To Rs 693 crore

ICICI Lombard Q2 FY25 Results: Net profit Increases 20% To Rs 693 crore

The company's total income for the quarter increased to Rs 5,850 crore, up from Rs 5,049 crore in the previous year.

ICICI Lombard General Insurance reported a year-on-year net profit growth of 20% for the July-September quarter (Q2 FY25), reaching Rs 693.95 crore, up from Rs 577.25 crore in the same period last year, driven by an increase in premiums.

The gross direct premium income (GDPI) also saw a rise of 10.4% year-on-year, totaling Rs 6,721 crore compared to Rs 6,086 crore previously. The company’s total income for the quarter increased to Rs 5,850 crore, up from Rs 5,049 crore in the previous year. The net claims ratio for the insurer was 71.4%, slightly higher than the 70.7% recorded in the prior year.

Additionally, the combined ratio improved marginally to 104.5% from 103.9%. The company experienced catastrophe (CAT) losses of Rs 94 crore in Q2 FY25, compared to Rs 48 crore in the same quarter of the previous year. ICICI Lombard also declared an interim dividend of Rs 5.5 per equity share.