ICICI Lombard's Profit Surge: A Financial Milestone

ICICI Lombard, a general insurer, reported a significant 68% increase in net profit, amounting to Rs 724 crore for the quarter ending December 2024. This rise comes despite a slight dip in gross direct premium income and a decline in the solvency ratio compared to the previous quarter.

General insurer ICICI Lombard has announced a remarkable 68% increase in net profit, reaching Rs 724 crore for the three-month period ending December 2024, compared to Rs 431 crore in the same timeframe last year.

Despite the profit surge, the company experienced a minor decrease in its gross direct premium income, which fell to Rs 6,214 crore from Rs 6,230 crore in the year-ago period, as revealed in a regulatory filing.

Furthermore, ICICI Lombard's solvency ratio stood at 2.36x as of December 31, 2024, a decline from 2.65x on September 30, 2024, although it remains above the minimum regulatory requirement of 1.50x.

(With inputs from agencies.)