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

MUMBAI: Private sector non-life player ICICI Lombard General Insurance on Tuesday reported a 32.2 per cent growth in net profit at Rs 591 crore for the September quarter, boosted by a tax reversal of Rs 128 crore. The ICICI Bank group company said excluding this tax reversal, net income inched up by 3.4 per cent. In the year-ago quarter, the company had booked a net income of Rs 447 crore.

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

During the reporting period, the company booked lower investment income at Rs 111 crore, down from Rs 144 crore on-year.

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

The ICICI Lombard counter closed 1.5 per cent up at Rs 1,149.10 on the BSE whose benchmark gauge Sensex rose 0.94 per cent, closing higher for the third straight day.