Mumbai: ICICI Lombard announced a nearly 19 percent rise in its net profit for the March quarter, reaching Rs 520 crore, showing confidence in the upcoming fiscal year’s industry growth. Compared to the previous year, the city-based company’s post-tax net profit surged from Rs 437 crore to Rs 520 crore.

In the fiscal year 2023-24, the company’s profit after tax increased by 11 percent, reaching Rs 1,919 crore compared to Rs 1,729 crore in the preceding year. The gross direct premium income (GDPI) also saw substantial growth, rising by 22 percent to Rs 6,073 crore in the reporting quarter from Rs 4,977 crore a year earlier, marking a 9.5 percent increase year-on-year.

The combined ratio, a measure obtained by dividing claim-related losses and expenses by earned premiums, improved to 102.2 percent in the March quarter compared to 104.2 percent previously. For FY24, the ratio stood at 103.3 percent, with the company’s managing director and chief executive, Sanjeev Mantri, expressing the goal of reaching 102 percent for FY25.