ICICI Lombard General Insurance reports that its net profit falls 46% in the first quarter, despite growth in premium income. Multiple outlets cite the profit decline to higher claims and related reserve provisions, including the effect of large losses. Business Standard and Economic Times attribute much of the deterioration to large fire insurance claims and additional pressure from reserve provisions. Economic Times also links part of the impact to a Supreme Court judgment affecting the insurer’s motor third-party portfolio. The combined ratio worsens to 107.2% from 102.9%, according to Economic Times, reflecting less favorable underwriting performance.
Premium metrics move in different ways across sources. NDTV says net premium earned rises 16% to Rs 5,950 crore. Business Line reports net premium underwritten up 17.70% year-on-year to ₹6,603.73 crore, from ₹5,610.52 crore a year earlier. Economic Times adds that gross direct premium income increases 7.5% during the quarter.
Overall, the results show higher premium collections alongside profitability pressure from claims, reserve provisions, and regulatory/legal effects referenced in reporting.
