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

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