ICICI Lombard Q3 Profit Dips 9% to ₹659 Cr, Income Jumps 12% to ₹6,610 Cr

• ICICI Lombard's net profit for Q3 FY24 fell 9% year-on-year to ₹659 crore, down from ₹724 crore.
• The company's total income increased by 12.4% to ₹6,610 crore, compared to ₹5,882 crore last year.
• Net Premium Earned rose by 12.7% to ₹5,685 crore, indicating growth in core insurance revenue.
• The combined ratio worsened to 104.5% from 102.7%, suggesting higher claims and operating expenses relative to premiums.
• ICICI Lombard's stock closed down over 1% at ₹1887 on Tuesday, with results impacting the next trading session.

Why It Matters: ICICI Lombard reported a 9% profit decline despite a 12% income rise in Q3, due to higher combined ratio.