ICICI Lombard General Insurance Co. received tax relief of Rs 175 crore as the commissioner's appeal ruled in favour of the appeal filed by the company.
The company received a combined order from the commissioner of income tax for the appeal it filed pertaining to the assessment years 2012-13, 2015-16, 2016-17, and 2017-18, according to an exchange filing on Friday.
For AY 2015-16, the insurance provider received the exemptions for interest income, dividend income and profit from the sale of investments.
ICICI Lombard Q2 Performance
ICICI Lombard General Insurance reported a 20% increase in net profit to Rs 693.95 crore for the quarter ended Sept. 30, 2024, up from Rs 577.25 crore in the same period last year.
The company's gross direct premium income surged by 10.4% year-on-year, reaching Rs 6,721 crore from Rs 6,086 crore.
Its total income for the quarter increased to Rs 5,850 crore, up from Rs 5,049 crore last year. The net claims ratio for the insurer was 71.4%, compared to 70.7% in the same period last year.
Shares of ICICI Lombard closed 0.56% lower at Rs 1,877.60 apiece on the National Stock Exchange, compared to a 0.4% fall in the benchmark Nifty. The share price has risen 35.27% in the last 12 months.
Out of 28 analysts tracking the company, 18 maintain a 'buy' rating on the stock, seven recommend 'hold,' and three suggest 'sell,' according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 14.7%.
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