ICICI Lombard's Profits Surge: A Record Quarter

ICICI Lombard General Insurance reported a 20% increase in net profit for Q2 2024, totaling Rs 694 crore. Total income rose to Rs 5,850 crore, with gross written premiums at Rs 6,948 crore. The solvency ratio improved to 265%. An interim dividend of Rs 5.5 per share was declared.

On Friday, ICICI Lombard General Insurance announced a notable 20% rise in net profit, reaching Rs 694 crore for the second quarter ending September 2024. This reflects a significant increase from the Rs 577 crore earned in the same period last year.

The insurer's total income for the quarter amounted to Rs 5,850 crore, up from Rs 5,049 crore in the previous year, according to a regulatory filing. The company's gross written premium increased to Rs 6,948 crore, with net premium earned registering at Rs 4,835 crore compared to last year's Rs 4,240 crore.

During the period under review, ICICI Lombard's total expenditure rose to Rs 5,186 crore. Furthermore, the board approved an interim dividend of Rs 5.5 per share. The solvency ratio stood at a robust 265%, exceeding the regulatory requirement of 150%.

(With inputs from agencies.)