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Mumbai: ICICI Lombard General Insurance said its net profit increased 32% year-on-year to ₹591 crore in the second quarter ended September 2022 from ₹447 crore a year ago, led by higher premium income, despite a slight uptick in claims.
Net profit was helped by a reversal of tax provision of ₹128 crore during the quarter, excluding which the year-on-year profit growth would be 3.4% for the quarter under review.
Net premium earned after accounting for reinsurance costs increased 18% to ₹3,837 crore from ₹3,250 crore a year ago. Higher premium income more than made up for a slight 2.5% increase in claims paid to ₹2,172 crore from ₹2,119 crore a year ago.
The combined ratio, calculated by taking the sum of incurred losses and expenses and then dividing them by the earned premium, remained stable at 105.1% during the quarter from 105.3% in the year-ago period.
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