Capitaline

Results 18-Jan-23

Analysis

ICICI Lombard General Insurance Company

GDPI up 17%, combined ratio high at 104.4% in Q3FY2023

ICICI Lombard General Insurance Company has posted 11% increase in the net profit to Rs 352.53 crore in the quarter ended December 2022 (Q3FY2023). PBT rose 11% to Rs 465.26 crore in Q3FY2023.

Gross Direct Premium Income (GDPI) of the Company was at Rs 5493 crore in Q3FY2023 as against Rs 4699 crore in Q3 FY2022, a growth of 16.9% as against the industry growth of 18.1%. Excluding crop, GDPI growth of the Company was at 17.1%, which was higher than the industry growth of 16.6% in Q3FY2023.

Combined ratio was at to 104.4% in Q3 FY2023 compared to 104.5% in Q3FY2022.

PBT grew by 10.5% to Rs 465 crore in Q3 FY2023 as against Rs 421 crore in Q3 FY2022.

Capital gains were at Rs 152 crore in Q3 FY2023 as against Rs 131 crore in Q3 FY2022. PAT grew by 11% to Rs 353 crore in Q3FY2023 from Rs 318 crore in Q3FY2022.

ROAE was 14.3% in Q3 FY2023 as against 14.6% in Q3 FY2022.

Solvency ratio was 2.45x end December 2022 as against 2.47x end September 2022 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.46x end March 2022.

Book value of the company stood at Rs 202.7 per share end December 2022. Book value including fair value change account (shareholders funds) stood at Rs 205.4 per share end December 2022.

Financial Performance 9MFY2023

Gross Direct Premium Income (GDPI) of the Company increased to Rs 16048 crore in 9MFY2023 compared to Rs 13311 crore in 9MFY2022, a growth of 20.6% which was higher than the industry growth of 16.2%. Excluding crop, GDPI growth of the Company was at 19.9%, which was higher than the industry growth of 17.5% in 9MFY2023.

Combined ratio was at 104.6% in 9MFY2023 compared to 111.0% in 9MFY2022.

Profit before tax (PBT) grew by 21.0% to Rs 1540 crore in 9MFY2023 compared to Rs 1273 crore in 9MFY2022.

Capital gains were at Rs 294 crore in 9MFY2023 compared to Rs 601 crore in 9MFY2022.

Consequently, Profit after tax (PAT) grew by 34.8% to Rs 1292 crore in 9MFY2023 compared to Rs 959 crore in 9MFY2022. PAT includes reversal of tax provision of Rs 128 crore in Q2 FY2023. Excluding this, PAT grew by 21.4% for 9MFY2023.

Return on Average Equity (ROAE) was 18.1% in 9MFY2023 as against 15.1% in 9MFY2022.

ICICI Lombard General Insurance Company: Results Statement of Revenue Accounts
	2212 (3)	2112 (3)	Var %	2212 (9)	2112 (9)	Var %	2203 (12)	2103 (12)	Var %
1. Premiums earned (net)	3792.05	3311.88	14	11096.82	9714.31	14	13032.09	10013.99	30
2. Profit / Loss on sale/ redemption of investments	580.13	532.23	9	1705.43	1752.44	-3	2290.81	1664.24	38
3. Others -	-10.18	10.03	PL	37.07	26.79	38	806.98	483.14	67
4. Interest, Dividend & Rent Gross	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-
Total (A)	4362.00	3854.14	13	12839.32	11493.54	12	16129.88	12161.37	33

1. Claims Incurred (net)	2666.28	2303.51	16	7959.48	7392.62	8	9781.90	6870.81	42
2. Commission (net)	174.41	202.71	-14	380.85	473.80	-20	633.89	600.93	5
3. Operating expenses related to insurance business	1244.82	1074.85	16	3395.50	2842.73	19	3920.12	2734.19	43
4. Premium deficiency	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-
Total Expenses (B)	4085.51	3581.07	14	11735.83	10709.15	10	14335.91	10205.93	40

Operating Profit/ Loss C=(A -B)	276.49	273.07	1	1103.49	784.39	41	1793.97	1955.44	-8
APPROPRIATIONS
Transfer to P&L Account	276.49	273.07	1	1103.49	784.39	41	1793.97	1955.44	-8
Transfer to Other Reserves	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-

ICICI Lombard General Insurance Company: Results Statement of Profit & Loss Account
	2212 (3)	2112 (3)	Var %	2212 (9)	2112 (9)	Var %	2203 (12)	2103 (12)	Var %
1. Operating profit/(loss)	276.49	273.07	1	1103.49	784.39	41	1793.97	1955.44	-8
(a) Fire Insurance	127.99	120.45	6	415.43	240.91	72	408.19	237.55	72
(b) Marine Insurance	-11.80	9.23	PL	-6.23	-16.81	-63	-7.69	-9.89	-22
(c) Health	-19.90	38.92	PL	-66.30	-482.53	-86	-379.66	186.29	PL
(d) Crop	-14.49	5.98	PL	-6.24	-0.18	3367	13.93	25.12	-45
(e) Motor	116.88	28.89	305	616.80	892.71	-31	1545.24	1301.08	19
(f) Miscellaneous Insurance	77.81	69.60	12	150.03	150.29	0	213.96	215.29	-1

2. Income from investments	186.80	162.82	15	554.82	538.98	3	703.19	504.63	39
3. Other income	21.31	2.17	882	29.86	2.18	1270	2.95	12.38	-76
Total Income (A)	484.60	438.06	11	1688.17	1325.55	27	2500.11	2472.45	1

4. Provisions (Other than taxation)	0.86	-0.14	PL	92.77	-34.48	PL	-45.18	-46.64	-3
5. Other expenses	18.48	17.26	7	55.38	86.96	-36	861.77	565.14	52

Total Expenses (B)	19.34	17.12	13	148.15	52.48	182	816.59	518.50	57

Profit before tax (A-B)	465.26	420.94	11	1540.02	1273.07	21	1683.52	1953.95	-14
Provision for taxation	112.73	103.41	9	247.93	314.57	-21	412.51	480.90	-14
Profit after tax	352.53	317.53	11	1292.09	958.50	35	1271.01	1473.05	-14
EPS (Rs) *	28.7	25.9		35.1	26.0		25.9	30.0
* on current equity of Rs 491.03 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to Profit, Figures in crore, Source: Capitaline Corporate Database

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