ICICI Lombard's GDPI climbs 17.8% in FY’24

Its Q4’24 earnings were driven by motor and health segments.

ICICI Lombard saw its fiscal year 2024 (FY’24) gross direct premium income (GDPI) surge 17.8% year-on-year (YoY), to Rs247.76b. Overall profit for the year also jumped nearly a quarter from last year’s (11%) to Rs19.19b.

On a quarterly basis, its GDPI also surged 22% YoY to Rs60.73b. Likewise, its earnings after tax grew 18.9% YoY to Rs5.20b.

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According to its filing, the quarterly earnings were driven by higher premiums in motor and health insurance units.  Its health segment saw a 29% surge on a YoY basis. Its digital business also saw growth, hiking 29.5% in Q4’24 and 29% in FY’24.