ICICI Lombard Q3 Profit Dips 9% to ₹659 Cr; Combined Ratio Worsens to 105%

• ICICI Lombard reported a 9% year-on-year decline in net profit for Q3, reaching ₹659 crore.
• Total income for the quarter increased by 12.4% to ₹6,610 crore, with net premium up 12.7% to ₹5,685 crore.
• The combined ratio worsened to 104.5% from 102.7% in the year-ago period, indicating higher claims and expenses.
• Gross direct premium income (GDPI) grew 3.6% for 9M FY22 to ₹21,372 crore, below industry growth of 8.7%.
• The company's solvency ratio remains strong at 2.69x, well above the regulatory minimum of 1.50x.

Why It Matters: ICICI Lombard's Q3 net profit fell 9% due to a worsening combined ratio, despite revenue growth.