The company announced their FY24 results and they are as follows:
1/5: ICICI Lombard reports impressive FY2024 results! GDPI increased by 17.8% to ₹247.76 billion, outpacing industry growth of 12.8%. Excluding crop and mass health, GDPI growth was 17.1%.
2/5: Combined ratio improved to 103.3% (102.5% excluding CAT losses), compared to 104.5% in FY2023. This marks increased efficiency and better risk management.
3/5: Profit before tax (PBT) grew by 21.0% to ₹25.55 billion in FY2024. In Q4, PBT surged 21.9% to ₹6.98 billion. The Board proposes a final dividend of ₹6.00 per share.The overall dividend for FY2024 including proposed final dividend is ₹ 11.00 per share.
4/5: Return on Average Equity (ROAE) was 17.2% for FY2024, with Q4 at 17.8%. Although slightly lower than FY2023’s 17.7%, still a strong performance.
5/5: Solvency ratio stands at 2.62x as of March 31, 2024, up from 2.51x last year, well above the 1.50x regulatory requirement.
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