ICICI Lombard reported a 20% rise in net profit for the second quarter of FY25, reaching ₹694 crore compared to ₹577 crore in the same period last year. The company’s net premium written also increased by 14% year-on-year to ₹4,835 crore in Q2FY25, up from ₹4,240 crore in Q2FY24.
The company declared an interim dividend of ₹5.5 per share for FY25, which will be paid to shareholders on record as of October 28, 2024. ICICI Lombard’s gross direct premium income (GDPI) for H1FY25 rose to ₹14,409 crore, compared to ₹12,472 crore in the same period the previous year.
Excluding crop and mass health insurance, the company posted a GDPI growth of 15%, surpassing the industry average growth of 10.9% in H1FY25. In the second quarter, GDPI rose 10% year-on-year to ₹6,721 crore, with an adjusted growth rate of 9.4%, well above the industry’s 2% growth.
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The combined ratio stood at 104.5% in Q2FY25, slightly up from 103.9% in Q2FY24. Excluding catastrophe losses of ₹94 crore, the ratio was 102.6%. Capital gains for the quarter totaled ₹237 crore, compared to ₹165 crore in the same period last year.
The solvency ratio improved to 2.65x as of September 2024, above the regulatory minimum of 1.50x. Shares of ICICI Lombard fell 1.44% to ₹2,011 on the NSE.