ICICI Lombard General Insurance posted a profit after tax of Rs. 591 crore for Q2FY23, up 32 per cent YoY and also higher than Rs. 349 crore in the previous quarter. For the six-month period ended September 30, the net profit was up 47 per cent at Rs. 940 crore.
The net profit includes reversal of tax provision of Rs. 128 crore, excluding which the rise in PAT would have been 27 per cent higher for H1FY23 and up 3 per cent sequentially, the company said in a release.
Profitability for ICICI Lombard was largely led by strong growth in the insurer’s gross direct premium income and improvement in the combined ratio. Gross direct premium income grew 23 per cent YoY to Rs. 10,555 crore in H1FY23, and by 17 per cent to Rs. 5,185 crore in Q2FY23.
Combined ratio of the company improved marginally to 105.1 per cent in the reporting quarter from 105.3 per cent a year ago. However, for the six-month period, the combined ratio was much better at 105 per cent compared with 114 per cent in the year ago period.
ICICI Lombard’s solvency ratio was at 2.47 times as of September 30, lower than 2.61 times a quarter ago.