ICICI Lombard General Insurance, a leading general insurance company, has reported a significant increase in its net profit for the quarter ended September 30, 2024. The company’s net profit rose by 20% to Rs 693.95 crore, compared to Rs 577.25 crore in the same period last year. This growth is attributed to a 10.4% year-on-year increase in gross direct premium income, which reached Rs 6,721 crore from Rs 6,086 crore last year.
The company’s total income also witnessed an increase, rising to Rs 5,850 crore from Rs 5,049 crore last year. The net claims ratio, however, remained steady at 71.4%, slightly higher than the 70.7% seen in the corresponding period last year.
Despite the pandemic’s continuing impact, ICICI Lombard has demonstrated resilience and stability, with its performance indicators showing a strong recovery from the pandemic-induced disruptions. This growth is a testament to the company’s focus on building a robust digital platform, increasing its distribution network, and strengthening its liability and motor insurance segments.
ICICI Lombard has continued to expand its presence in the general insurance space, with a strong focus on growth, innovation, and customer-centricity. The company’s robust financial performance is a result of its strategic initiatives, including the expansion of its distribution network, introduction of new products, and effective claim settlement processes.
The company’s net claims ratio being maintained at around 71.4% indicates a stable performance, which is promising for its investors and customers. The growth in gross direct premium income and total income is a positive sign of increasing revenue for the company. As the company continues to innovate and expand its presence, it is likely to maintain its market leadership in the Indian general insurance sector.