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ICICI Lombard has reported net profit of Rs.390 crore in April-June 23. Its profitability increased by 12% from Rs.350 crore in April-June 2022.
The net profit includes reversal of Rs.128 crore under tax provision, said the company.
The company has received gross direct premium of Rs.6400 crore in the first quarter of FY 2024.
In a press release, Bhargav Dasgupta – MD & CEO, ICICI Lombard, said, “Despite challenging market conditions, we have managed to achieve robust growth and maintain profitability. This is a testament to the resilience of our business model, the dedication of our team, and the trust placed in us by our customers.”