Mumbai: ICICI Lombard General Insurance reported a 46% year-on-year decline in net profit to ₹403 crore for the June quarter, hit by two large fire insurance claims and the impact of a Supreme Court judgment on its motor third-party portfolio.The insurer's combined ratio, a key measure of underwriting profitability, worsened to 107.2% in the first quarter of FY27 from 102.9% a year earlier. Two large fire losses worth ₹63 crore alone increased the combined ratio by one percentage point. Also, the Supreme Court judgment led ICICI Lombard to increase claim reserves in its motor third-party portfolio by ₹165 crore, adding 2.8 percentage points to its combined ratio in the June quarter. Gross direct premium income rose 7.5% to ₹8,318 crore during the quarter, trailing the industry's 10.9% growth.
ICICI Lombard Q1 profit slumps 46% to Rs 403 crore on fire claims, SC verdict impact
ICICI Lombard's net profit fell 46 per cent in the June quarter. This decline resulted from two large fire insurance claims. A Supreme Court judgment also impacted its motor third-party portfolio. The insurer's combined ratio worsened to 107.2 percent from 102.9 percent. Gross direct premium income rose seven point five percent during the quarter.
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