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· Gross Direct Premium Income (GDPI) of the Company stood at ? 63.87 billion in Q1 FY2024 compared to ? 53.70 billion in Q1 FY2023, a growth of 18.9%, which was higher than the industry growth of   17.9%. Excluding crop, GDPI growth of the Company was at 19.2%, which was higher than the industry growth of 17.4% in Q1 FY2024.

· Combined ratio stood at 103.8% for Q1 FY2024 compared to 104.1% for Q1 FY2023.

· Excluding the impact of cyclone of ? 0.35 billion, the combined ratio was 102.9% for Q1 FY2024.

· Profit before tax (PBT) grew by 11.8% to ? 5.20 billion in Q1 FY2024 as against ? 4.65 billion in Q1 FY2023.

· Capital gains was at ? 1.23 billion in Q1 FY2024 as against ? 0.32 billion in Q1 FY2023.

· Consequently, Profit after tax (PAT) grew by 11.8% to ? 3.90 billion in Q1 FY2024 as against ? 3.49 billion in Q1 FY2023.

· Return on Average Equity (ROAE) was 14.7% in Q1 FY2024 as against 15.0% in Q1 FY2023.

· Solvency ratio was 2.53x as at June 30, 2023 as against 2.51x as at March 31, 2023 which was higher than the minimum regulatory requirement of 1.50x.

Operating Performance Review  (? billion)

Ratios

Commenting on the Q1 FY2024 performance Bhargav Dasgupta – MD & CEO, ICICI Lombard, said, “Our strong performance in Q1 reflects our unwavering commitment to delivering value to our stakeholders. Despite challenging market conditions, we have managed to achieve robust growth and maintain profitability. This is a testament to the resilience of our business model, the dedication of our team, and the trust placed in us by our customers”

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