Tax refund boosts ICICI Lombard Q2 net profit by 32 percent to Rs 591 crore

MUMBAI: Private non-life insurance company ICICI Lombard General Insurance on Tuesday reported net profit growth of 32.2 percent at Rs 591 crore for the September quarter, boosted by a tax cut of Rs 128 crore. The ICICI Bank group company said net income, excluding this tax refund, was up 3.4 percent. In the quarter of last year, the company posted a net income of Rs 447 crore.

Gross direct premium income grew 17.2 percent in the reporting quarter to Rs 5,185 crore from Rs 4,424 crore a year ago, the company said in a statement.

During the reporting period, the company recorded lower investment returns of Rs 111 crore, down from Rs 144 crore year on year.

The solvency ratio was 2.47x in September compared to 2.61x in June and 2.46x in March 2022, against the legal minimum requirement of 1.50x.
The board has declared an interim dividend of Rs 4.50 per share for the first half of the fiscal year.

The ICICI Lombard counter closed 1.5 percent higher at Rs 1,149.10 on the BSE, whose benchmark meter Sensex rose 0.94 percent and closed higher for the third day in a row.

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