During the same period in the previous year, the company had reported a net profit of ₹437 crore. The company declared a final dividend of ₹6 for FY24, taking the total dividend payout to ₹11 a share.
“The industry should continue to grow 13-15% and we should keep pace with the industry,” said Sanjeev Mantri, MD & CEO, ICICI Lombard General Insurance.
Combined ratio, which is a ratio of claims vs premium and expenses, was at 103.3% for FY24 compared to 104.5% for FY23. Excluding the impact of catastrophic losses of ₹137 crore, the combined ratio was 102.5% in FY24.
For the quarter, the ratio stood at 102.2%as against 104.2% in Q4 FY23.The company is working toward a combined ratio of 102%. Its gross direct premium income grew 22% to ₹6,073 crore in Q4 FY4 as against ₹4,977 crore in Q4 FY23 aided by growth in the health segment. Excluding crop and mass health, GDPI growth of the company was at 22.0%, which was higher than the industry growth of 13.8% in Q4 FY24.For the full year, profit after tax (PAT) grew by 11.0% to ₹1,919 crore in FY24 as against ₹1,729 crore in FY23 while excluding impact of reversal of tax provision in the second quarter, PAT grew by 19.8% in FY24, the company said in a statement.
