ICICI Lombard General Insurance Company announced Q1FY24 results: Gross Direct Premium Income (GDPI) of the Company stood at Rs 63.87 billion in Q1FY24 compared to Rs 53.70 billion in Q1FY23, a growth of 18.9%, which was higher than the industry growth of 17.9%. Excluding crops, the GDPI growth of the Company was at 19.2%, which was higher than the industry growth of 17.4% in Q1FY24. Combined ratio stood at 103.8% for Q1FY24 compared to 104.1% for Q1FY23. Excluding the impact of cyclone of Rs 0.35 billion, the combined ratio was 102.9% for Q1FY24. Profit before tax (PBT) grew by 11.8% to Rs 5.20 billion in Q1FY24 as against Rs 4.65 billion in Q1FY23. Capital gains was at Rs 1.23 billion in Q1FY24 as against Rs 0.32 billion in Q1FY23. Consequently, Profit after tax (PAT) grew by 11.8% to Rs 3.90 billion in Q1FY24 as against Rs 3.49 billion in Q1FY23. Return on Average Equity (ROAE) was 14.7% in Q1FY24 as against 15.0% in Q1FY23. 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. Result PDF