ICICI Lombard General Insurance has been a laggard in the private general insurance space and results for the fourth quarter of the 2022-23 financial year (Q4FY23) disappointed the market, though industry analysts claimed the print was on expected lines.
ICICI Lombard reported a net profit of Rs 437 crore in Q4FY23, up 40 per cent year-on-year (YoY). Gross premium growth was moderate at 6.8 per cent after adjusting for a one-off sale transaction in February 2023, and 12.5 per cent unadjusted. This amounted to 12 per cent growth in net premium.
The combined ratio at 104.2 per cent was stable quarter-on-quarter (QoQ), despite a rising 74.2 per cent claims ratio (up from 70.3 per cent in Q3FY23). The higher claims were due to an increase in claims in the motor segment, but offset by lower commission and expenses. Investment yield, at 7.5 per cent, was stable QoQ.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.