ICICI Lombard General Insurance has reported robust financial performance in Q2 FY2025, registering a Profit After Tax (PAT) growth of 20.2%, reaching ₹6.94 billion compared to ₹5.77 billion in Q2 FY2024. This growth is attributed to strong underwriting performance and strategic capital gains.
According to the official press release shared with Newzchain, the company's Gross Direct Premium Income (GDPI) for H1 FY2025 stood at ₹144.09 billion, a 15.5% increase from ₹124.72 billion in H1 FY2024, outpacing the industry growth of 7.0%. In Q2 FY2025 alone, ICICI Lombard reported GDPI of ₹67.21 billion, reflecting a 10.4% year-on-year growth, significantly higher than the industry's 2.0% growth rate.
The combined ratio, an important indicator of profitability, was 103.2% for H1 FY2025, slightly improved from 103.8% in H1 FY2024. However, Q2 FY2025 saw a rise in the combined ratio to 104.5% due to the impact of catastrophic (CAT) losses amounting to ₹0.94 billion. Excluding these CAT losses, the combined ratio for Q2 FY2025 would have been 102.6%.
Profit Before Tax (PBT) surged by 20.3% in Q2 FY2025, reaching ₹9.19 billion, while capital gains for the quarter were ₹2.37 billion. For H1 FY2025, PBT recorded a 31.9% rise to ₹16.93 billion, supported by capital gains of ₹5.21 billion.
ICICI Lombard's solvency ratio, a measure of financial stability, was 2.65x as of September 30, 2024, well above the regulatory requirement of 1.50x. Additionally, the company declared an interim dividend of ₹5.50 per share for H1 FY2025, an increase from ₹5.00 per share in the previous fiscal period.
With a focus on digital innovation and customer-centricity, ICICI Lombard continues to enhance its market presence, issuing over 36.2 million policies and honoring more than 2.9 million claims in the fiscal year ended March 31, 2024.
Edited by Harshajit Sarmah
