Private non-life insurance company ICICI Lombard General Insurance Company posted its fiscal first quarter profit at Rs 390.36 crore, up 11.8 per cent in comparison to Rs 349.03 crore during the same quarter last year. The Gross Direct Premium Income (GDPI) of the company stood at Rs 6387 crore in Q1FY24, up 18.9 per cent as against Rs 5370 crore in Q1FY23. The GDPI growth was higher than the industry growth of 17.9 per cent. Excluding crop, GDPI growth of the company was at 19.2 per cent. 

ICICI Lombard recorded total income for the quarter at Rs 4538.03 crore, up 14.1 per cent in comparison to Rs 3978.29 crore during the same period last year. The total expenses during Q1 of the financial year stood at Rs 4206.82 crore, up 14.9 per cent from Rs 3661.50 crore a year ago.

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The company has posted an operated profit of Rs 331.21 crore, up 4.6 per cent as compared to Rs 316.79 crore in the same quarter last year. Income from investment grew by 26.8 per cent on-year to Rs 621.55 crore in Q1FY24 from Rs 490.04 crore a year earlier. 

Return on Average Equity (ROAE) was 14.7 per cent in Q1FY24 as against 15.0 per cent in Q1FY23. The solvency ratio was 2.53x as at June 30, 2023 as against 2.51x as at March 31,2023 which was higher than the minimum regulatory requirement of 1.50x. The combined ratio stood at 103.8 per cent for Q1FY24 compared to 104.1 per cent for Q1FY23. Excluding the impact of cyclone of Rs 35 crore, the combined ratio was 102.9 per cent.

During the quarter, ICICI Lombard sourced 7.5 million policies, wherein 99.4 per cent were issued electronically.