ICICI Lombard Profit Jumps 22% to Rs 431 Crore in Q3

17 Jan 2024 , 08:33 AM

On January 16, the private insurance provider ICICI Lombard General Insurance revealed a net profit of Rs 431 crore for the fiscal year 2023–2024’s October–December quarter.

Compared to Rs 353 crore made in the same time last year, the profit increased by 22.4%. With a net profit of Rs 431 crore, it fell short of the Rs 503 crore market estimate.

The insurer’s net premium income above the market estimate of Rs 4,376 crore, coming in at Rs 4,690 crore. The insurer’s solvency ratio was 257%. This exceeds the 150% minimum regulatory standard.

In the reporting quarter, the insurer’s total revenue was Rs 5,003 crore, up from Rs 4,362 crore in the same quarter the previous year.

Additionally, the business announced an interim dividend of Rs 5 for each equity share.

The company’s shares ended trading on the BSE at Rs 1375.65 a share, up almost 0.18%.

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