Profit before tax stood at Rs 572.51 crore in the quarter ended 31 March 2023, registering a growth of 39.5% from Rs 410.45 crore recorded in Q4 FY22.

The insurance company's capital gains grew by 16.91% to Rs 159 crore in Q4 FY23 as against Rs 136 crore reported in the same period last year.

Gross Direct Premium Income (GDPI) of the company was at Rs 4,977 crore in the fourth quarter of FY23 as compared to Rs 4,666 crore posted in Q4 FY22, recording a growth of 6.7% as against the industry growth of 16.9%.

Combined ratio stood at 104.2% in Q4 FY23 as compared to 103.2% registered in the corresponding quarter previous year.

Solvency ratio was 2.51x as at 31 March 2023 as against 2.45x as at 31 December 2022 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.46x as at 31 March 2022.

Return on Average Equity (ROAE) improved to 17.2% in Q4 FY23 as against 14% recorded in Q4 FY22.

On a full year basis, the company's net profit rose 36% to Rs 1,729.05 crore on 12.18% increase in total income to Rs 18,094.90 crore in FY23 over FY22.

The firm's GDPI stood at Rs 21,025 crore in FY23 as compared to Rs 17,977 crore in FY22, registering a growth of 17% which was higher than the industry growth of 16.4%.

Meanwhile, the board of directors of the company has recommended a final dividend of Rs 5.50 per equity share for the financial year ended 31 March 2023. The dividend is subject to approval of the members of the company at the ensuing annual general meeting.

ICICI Lombard General Insurance Company is the leading private general insurance company in the country. The company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. ICICI Lombard has 305 branches and 12,865 employees, as on 31 March 2023.

Shares of ICICI Lombard General Insurance Company slipped 3.41% to Rs 1,091.95 on the BSE.