ICICI Lombard Q1 profit slumps 46% to Rs 403 crore on fire claims, SC verdict impact

ICICI Lombard reported a 46 percent year-on-year drop in Q1 profit to Rs 403 crore, dragged by elevated fire claims of Rs 63 crore and a Rs 165 crore increase in motor third-party claim reserves following a Supreme Court verdict. The combined ratio deteriorated to 107.2 percent from 102.9 percent a year earlier. Gross direct premium income grew 7.5 percent to Rs 8,318 crore, trailing the industry growth of 10.9 percent.