ICICI Lombard's net profit grows 11%

India-based insurer ICICI Lombard General Insurance Co. Ltd.'s net profit increased 11% year-on-year to 3.53 billion Indian rupees ($43.4 million) in the fiscal third quarter ended December 2022, Business Standard reported. The insurer's gross premiums also grew by 17% year-on-year to INR56 billion, but the firm’s underwriting losses increased 9% year-on-year to INR2.93 billion.