Mumbai: Lower claims have boosted the net income of ICICI Lombard helping the general insurer report a healthy 18.9 percent on-year growth in earnings at Rs 520 crore in the March quarter.
The bottomline grew despite a marginal drop in gains from the investments even though the market has been rallying in the reporting quarter.
The company said its gross direct premium income (GDPI), the gross income earned from policy sales, rose 22 percent year-on-year in the reporting period to Rs 6,073 crore.
For the full fiscal, the same rose 17.8 percent year-on-year to Rs 24,776 crore. Excluding crop and mass health, gross premium income rose 17.1 percent and the company earned a net income of Rs 1,919 crore up 11 percent year-on-year.
Capital gains declined marginally to Rs 156 crore from Rs 159 crore for the quarter and for the full year rose to Rs 551 crore from Rs 453 crore, the company said in a statement.
The combined ratio, which is the key profitability metric in general insurance and is the net earnings after all expenses including claims and management cost, improved to 102.2 in Q4 as against 104.2 a year ago and the same for the full year rose to 103.3 from 104.5 in FY23.
Excluding the impact of calamity losses of Rs 137 crore, the combined ratio was 102.5 in FY24.
Solvency ratio stood at 2.62x in March as against 2.57x in December 2023 and higher than the minimum regulatory requirement of 1.5. The ratio was 2.51 in March 2023.
The board proposed a final dividend of Rs 6/share for the quarter and Rs 11/share for the full year.