New Delhi, Apr 18 (PTI) ICICI Lombard General Insurance Company on Tuesday reported a 40 per cent rise in its net profit at Rs 437 crore for the fourth quarter ended March 2023.

The non-life insurer had posted a net profit of Rs 313 crore in the corresponding period of 2021-22.

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The total income of the company stood at Rs 5,255.58 crore in the quarter under review as compared to Rs 4,636 crore in the year-ago period, ICICI Lombard said in a regulatory filing.

The company has proposed final dividend of Rs 5.50 per share for FY23, it said.

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Solvency ratio was 2.5 times at March-end 2023 as against 2.45 times on March 31, 2022 and higher than the minimum regulatory requirement of 1.50 times.

For the full year 2022-23, the profit after tax or net profit increased 36 per cent to Rs 1,729 crore from Rs 1,271 crore in the preceding fiscal year.

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