On Tuesday, July 18, the private non-life insurance provider ICICI Lombard General Insurance Company announced a 12% year-over-year (YoY) increase in net profit at 390.4 crore for the three months that ended June 30, 2023. The Company’s Gross Direct Premium Income (GDPI) for Q1 FY2024 was 63.87 billion, showing a growth of 18.9% compared to 53.70 billion in Q1 FY2023. This growth exceeded the industry growth rate of 17.9%. When excluding crop-related premiums, the Company’s GDPI growth was even higher at 19.2%, surpassing the industry growth rate of 17.4% in Q1 FY2024. Profit before tax (PBT) increased by 11.8% to 5.20 billion in Q1 FY2024, compared to 4.65 billion in Q1 FY2023. The return on average equity (ROAE) for Q1 FY2024 was 14.7%, slightly lower than the 15.0% recorded in Q1 FY2023. The solvency ratio as of June 30, 2023, stood at 2.53x, higher than the 2.51x recorded on March 31, 2023, and surpassing the minimum regulatory requirement of 1.50x. Here are the summarized key figures:GDPI Growth: 28.4% in FY2022, 17.0% in FY2023, 28.2% in Q1 2023, and 18.9% in Q1 2024. Profit after Tax: Increased from 12.71 billion in FY2022 to 17.29 billion in FY2023. In Q1 2023, it was 3.49 billion, and in Q1 2024, it reached 3.90 billion. Return on Average Equity: 14.7% in FY2022, 17.7% in FY2023, 15.0% in Q1 2023, and 14.7% in Q1 2024. Solvency Ratio: 2.68x in FY2022, 2.46x in FY2023, 2.51x in Q1 2023, 2.61x in Q1 2024, and 2.53x as of the latest data. Book Value per Share: Increased from 185.57 in FY2022 to 211.61 in FY2023. In Q1 2023, it was 192.89, and in Q1 2024, it reached 219.63. Basic Earnings per Share: Increased from 25.91 in FY2022 to 35.21 in FY2023. In Q1 2023, it was 7.11, and in Q1 2024, it reached 7.95. Related Premium Stories