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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