ICICI Lombard General Insurance Q3 Results FY2023, Net Profit at Rs.3.53 billion

Shreya Anaokar 18th January 2023 - 12:32 pm

On 17th January 2023, ICICI Lombard General Insurance announced its results for the third quarter of FY2023.

Key Highlights:

- Gross Direct Premium Income (GDPI) of the Company was at Rs. 54.93 billion in Q3 FY2023, a growth of 16.9% as against the industry growth of 18.1%.
- Combined ratio was at to 104.4% in Q3 FY2023 compared to 104.5% in Q3 FY2022.
- PBT grew by 10.5% to Rs. 4.65 billion in Q3 FY2023
- Capital gains were at Rs. 1.52 billion in Q3 FY2023
- PAT grew by 11.0% to Rs. 3.53 billion in Q3 FY2023
- Return on Average Equity (ROAE) was 14.3% in Q3 FY2023
- Solvency ratio was 2.45x as of December 31, 2022

Business Highlights:

- Retail health agency vertical grew by 40.1% for Q3FY2023.
- ICICI Bank distribution grew by 30.9% and non-ICICI Bank distribution grew by 44.2%
- 23.4 Million Policies were sourced, and 97.3% of policies were issued electronically in 9MFY2023.
- 2.5 Million Claims honored 74.5%, Motor OD Claims through Instaspect in December 2022

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Shreya Anaokar

Disclaimer: Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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