ICICI Lombard net profit dips 46% due to large claims

MUMBAI: ICICI Lombard General Insurance reported a net profit of Rs 403 crore for Q1 FY2027, marking a sharp decline of 46.0% compared to Rs 747 crore in the corresponding quarter last year. This significant drop was due to two large claims in fire insurance amounting to Rs 63 crore, a rise in provisions for motor claims by Rs 165 crore following a Supreme Court judgement and a sharp rise in crop insurance provisions.

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