MUMBAI: Driven by higher premium income, leading private sector general insurer ICICI Lombard has reported a 20.2 per cent jump in net income at Rs 694 crore in the September quarter.
The company in a statement Friday said its gross direct premium income rose to Rs 6,721 crore in the reporting quarter from Rs 6,086 crore a year ago, a growth of 10.4 percent, much higher than the industry gorwht of 2 per cent.
Excluding crop and mass health, gross premium growth was lower at 9.4 per cent, but higher than the industry growth of 6.9 percent.
The key profitability gauge, the combined ratio, is the difference between what a general insurer earns from selling policies and what it spends on claims, stood at 104.5 as against 103.9 a year ago.
Excluding the impact of CAT losses of Rs 94 crore and Rs 48 crore in Q2FY24, the combined ratio was 102.6 and 102.8 respectively.
Consequently, post-tax profit grew by 20.2 percent to Rs 694 billion from Rs 577 crore in Q2FY24. The solvency ratio was 2.65x as against 2.56x in June 2024 and 2.62x in March 2024.
The board of directors has declared an interim dividend of Rs 5.50/ share for the first half of the year as against Rs 5 last year.