ICICI Lombard records 40% rise in Q4 PAT, earns net premium of ₹3,726 cr; declares dividend Apextalk

ICICI Bank-backed general insurance arm, ICICI Lombard on Tuesday beats estimates in terms of profitability for the fourth quarter of FY23. The company posted a net profit of 436.96 crore in Q4FY23, rising by 39.82% compared to a profit of 312.51 crore in the same quarter a year ago. However, the company’s net premium earned in Q4FY23 witnessed a mixed performance with an upside of over 12% YoY but down by 1.7% sequentially. The general insurer has also declared a dividend.

The company’s gross direct premium income (GDPI) came in at 49.77 billion in Q4 FY2023 as against 46.66 billion in Q4 FY2022, a growth of 6.7% as against the industry growth of 16.9%.

Further, the company’s board has proposed final dividend of 5.50 per share for FY2023. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.for a respective fiscal year.

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