ICICI Lombard Q2 outcomes: ICICI Lombard’s revenue drops 2.2%, premium revenue up 17.4%

Mumbai: ICICI Lombard Normal Insurance coverage reported a 2.2% decline in web revenue to ₹577 crore within the second quarter of the monetary yr.

Throughout the identical quarter a yr in the past, the firm reported a web revenue of ₹591 crore.

The corporate stated that excluding the one-time influence of the reversal of tax provision, the revenue after tax grew by 19.2% in the course of the first half of FY24 and 24.8% in the course of the second quarter.

Gross direct premium revenue grew 17.4% to ₹6,086 crore in the course of the quarter as in opposition to ₹5,185 crore within the year-ago interval.

The mixed ratio stood at 103.9% as in opposition to 105.1% a yr in the past. Excluding the influence of disaster losses of ₹48 crore in the course of the second quarter, the mixed ratio was 102.8%.

The solvency ratio was 2.59 occasions as of September 30, 2023, in comparison with 2.53 occasions on June 30, 2023, and better than the minimal regulatory requirement of 1.50 occasions. It stood at 2.51 occasions on March 31, 2023.

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