While total costs (including claims and commission payouts) increased by 13% to ₹5,197 crore, net premium income (net of reinsurance) increased by 8% year over year to ₹5,084 crore.
The third-quarter net profit of ICICI Lombard General Insurance was reported at ₹724 crore on Friday, a 68% year-over-year rise. The company’s profit in the same quarter last year was ₹431 crore.
However, the private sector general insurer said that because long-term insurance products are accounted for on a 1/n basis, as required by Irdai, the results of the two periods are not comparable. The insurance regulator has ordered insurers to record just one-year premiums yearly, even for long-term coverage, beginning on October 1, 2024. For the October–December quarter, ICICI Lombard’s net profit was ₹678 crore, excluding the 1/n policy effect.
While total costs (including claims and commission payouts) increased by 13% to ₹5,197 crore, net premium income (net of reinsurance) increased by 8% year over year to ₹5,084 crore. In Q3FY25, the insurer’s combined ratio increased from 103.6% in Q3FY24 to 102.7%. For 9MFY25, the insurer’s gross direct premium income was ₹20,623 crore. Motor insurance comprised 39% of this, followed by health insurance (28%), fire insurance (12%), and other insurances such as agricultural and marine insurance. At ₹1,955, ICICI Lombard’s shares ended the day 2.47% higher on the NSE.
