ICICI Lombard net income jumps 40%

ICICI Lombard said its net income jumped almost 40 per cent to Rs 437 crore for the March quarter, boosted by the base effect in the year-ago period when it took a heavy hit from the pandemic-related claims.

Premium income just inched up 6.7 per cent in the reporting quarter to Rs 4,977 crore, the private sector general insurer said.

For the full fiscal, the ICICI Bank group company’s net income grew 36 per cent year-on-year to Rs 1,729 crore on a gross written premium of Rs 21,025 crore, the chief financial officer and chief risk officer Gopal Balachandran told during an earnings call. 

He also said the company grew marginally higher than the industry, which clipped a tad lower at 16.4 per cent for the full fiscal.