ICICI Lombard net profit zooms 47.6% to Rs 746.6 crore on motor segment growth
The surge was primarily driven by higher investment income and a recovery in underwriting performance, particularly in the motor segment, the company said in a statement Tuesday.
Gross written premium during the quarter inched up 1.5% to Rs 805 crore from Rs 793 crore in the same quarter last year, while net written premium rose to Rs 561 crore, up 4.7% from Rs 536 crore and the net premium earned came in at Rs 513.6 crore, up 14%.
Total income surged to Rs 608 crore in Q1 from Rs 535 crore, bolstered by a sharp rise in investment income.
Net income from investments increased to Rs 94.3 crore, up 11.6 percent from Rs 84.45 crore.
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