ICICI Lombard Q2 outcomes: ICICI Lombard General Insurance launched their July-September quarter outcomes on Wednesday and reported a 2.2% year-on-year dip in internet earnings which declined from ₹590.5 crore throughout Q2FY23 to ₹577.3 crore through the quarter below overview. The firm additionally declared an interim dividend of ₹5 per fairness share. ICICI Lombard had an excellent quarter in relation to Gross Direct Premium Income (GDPI) which rose by 17.4% YoY to ₹6,086 crore in Q2FY24 from ₹5,185 crore throughout the identical quarter a yr in the past.

ICICI Lombard additionally shared the half-yearly outcomes together with quarterly and reported a 3% rise in internet revenue to ₹968 crore throughout H1FY24 in comparison with ₹940 crore throughout H1FY23. In phrases of GDPI, the half-yearly progress is nice at 18.2% YoY. The GDPI of ICICI Lombard grew from ₹10,555 crore throughout H1FY23 to ₹12,472 crore throughout H1FY24.

During Q2, the mixed ratio of ICICI Lombard stood at 103.9% as in opposition to 105.1% throughout the identical interval final yr whereas the Return on Average Equity (ROAE) was 21.1% in Q2 FY24 in comparison with 24.5% in Q2FY23.

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Changes in Senior Management Personnel

While sharing the outcomes of its second quarter, the corporate additionally introduced some adjustments within the place of Senior Management Personnel.

“Based on the advice of the Board Nomination and Remuneration Committee, the Board have authorised adjustments in Senior Management Personnel (SMP) of the Company. As a part of organisational construction adjustments, Mr. Amit Gupta, Vice President is being designated as SMP of the Company. Further, present SMPs specifically Mr. Deepak Negi, Mr. Mukul Kamboj and Mr. Hemant Singla will now report back to Mr. Amit Gupta and accordingly they may stop to be SMPs of the corporate,” the discharge from ICICI Lombard stated.

The shares of ICICI Lombard closed 0.11% down on Wednesday at ₹1,358.25 apiece on the BSE.