ICICI Lombard General Insurance posted a net profit of ₹390 crore for Q1 FY24, up 11.8 per cent YoY led by steady growth in premium income and write-back of provisions.

Gross Direct Premium Income (GDPI) rose 18.9 per cent to ₹6,387 crore, higher than the industry growth of 17.9 per cent. Excluding crop insurance, GDPI growth was 19.2 per cent.

Increase in capital gains to ₹123 crore from ₹32 crore in the year ago period, also supported the bottomline.

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The combined ratio improved to 103.8 per cent from 104.1 per cent a year ago, with the insurer saying that excluding the ₹35 crore impact of the cyclone, the combined ratio would have been 102.9 per cent for the quarter.

However, the loss ratio worsened to 74.1 per cent from 72.1 per cent a year ago, largely led by a jump in the crop loss ratio to 102.1 per cent from 63.4 per cent. Health and travel, fire, marine, and engineering segments also saw worsening loss ratios, as per the investor presentation.

Crop insurance constituted 2.4 per cent of the product portfolio as of June 30.

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Underwriting loss widened to ₹319 crore from ₹250 crore a quarter ago and ₹193 crore in the year ago period.

ICICI Lombard said it has made investments to accelerate the growth in health distribution, which helped the retail health agency vertical grow 25.6 per cent YoY for the quarter.

Solvency ratio was 2.53 times as at June 30, against 2.51 times a quarter ago.