22% jump in ICICI Lombard net at Rs431crore, lower than market expectaton

ICICI Lombard General Insurance, a major player in the insurance market of the country, on January 16 reported a net profit of Rs 431 crore for the October-December quarter of financial year 2023-24.

The private insurer 's profit was up by 22.4 percent from Rs 353 crore recorded in the year-ago period. The net profit, at Rs 431 crore, missed market expectations of Rs 503 crore.

The net premium income of the insurer came in at Rs 4,690 crore, beating market expectations of Rs 4,376 crore. The solvency ratio of the insurer stood at 257 percent. This is higher than the minimum regulatory requirement of 150 percent.

Total income of the insurer came in at Rs 5,003 crore in the reporting quarter, compared to Rs 4,362 crore in the corresponding quarter last year.

Total income of the insurer came in at Rs 5,003 crore in the reporting quarter, compared to Rs 4,362 crore in the corresponding quarter last year.

Shares of the company are trading at Rs1458.40, up Rs 84.20 o r6.16 per cent on NSE duing late morning