The insurer's Premium Income rises by 20% to Rs7,688 crores
FinTech BizNews Service
Mumbai, July 19, 2024: ICICI Lombard has today announced its First Quarter Results.
Its PAT has grown by 50% ; Premium Income has risen by 20% to Rs. 7,688 crores
PERFORMANCE FOR THE QUARTER ENDED JUNE 30, 2024
Gross Direct Premium Income (GDPI) of the Company stood at ₹ 76.88 billion in
Q1 FY2025 compared to ₹ 63.87 billion in Q1 FY2024, a growth of 20.4%, which
was higher than the industry growth of 13.3%. Excluding crop and mass health,
GDPI growth of the Company was at 19.7%, which was higher than the industry
growth of 14.8% in Q1 FY2025.
Combined ratio stood at 102.3% for Q1 FY2025 compared to 103.8% for Q1
FY2024.
Profit before tax (PBT) grew by 48.8% to ₹ 7.74 billion in Q1 FY2025 as against ₹
5.20 billion in Q1 FY2024.
o Capital gains were at ₹ 2.84 billion in Q1 FY2025 as against ₹ 1.23 billion in
Q1 FY2024.
Consequently, Profit after tax (PAT) grew by 48.7% to ₹ 5.80 billion in Q1
FY2025 as against ₹ 3.90 billion in Q1 FY2024.
Return on Average Equity (ROAE) was 19.1% in Q1 FY2025 compared to 14.7%
in Q1 FY2024.
Solvency ratio was 2.56x as at June 30, 2024 as against 2.62x as at March 31,
2024 which was higher than the minimum regulatory requirement of 1.50x.
