ICICI Lombard General Insurance | ICICI Lombard | Q2 Results ICICI Lombard Q2 net up nearly 32% at Rs 591 cr on reversal of tax provision

Contrary to tax provision, ICICI Lombard General Insurance's net profit which grew by about 32 per cent to

Rs 591 crore in the July-September quarter (Q2FY23) was around Rs 447 crore in the same period last year.

It grew nearly 17 per cent to Rs 5,185 crore in Q2FY23 as compared to around Rs 4,424 crore in the same period a year ago.

 Its gross and net earned premium grew by nearly 18 per cent to Rs 5,503 crore and Rs 3,387 crore during the same period.

The company's ratio, which best reflects the insurer's discipline in underwriting policies, now held steady at 105.1 percent. 

 A ratio below 100 percent shows us the company is making an underwriting profit. The insurer's combined ratio was around 

105.3 per cent in Q2FY22, up from around 108.8 per cent in FY22. The company increased the share of health

insurance in the portfolio from about 22 per cent in FY22 to around 27 per cent in the first half of FY23.

Motor insurance, the largest business, fell by nearly 35 per cent in the first half of FY12, from 46 per cent in FY12.

The company posted a solvency ratio of around 2.47 against the regulatory requirement of 1.5. The ratio of claims incurred by an insurer

 to total insurance premiums over a period reported by an insurer to total claims settled by an insurer was slightly 

insurer was slightly higher at around 72.8 per cent in Q2FY23 as compared to 69.8 per cent in Q2FY22.

The Board of Directors of the company has recommended an interim dividend of approximately Rs 4.50 per 

 equity share with a face value of Rs 4.50 each for the year ended 30 September 2022. It closed on BSE last days.