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Results
19-Oct-23
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Analysis
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ICICI Lombard General Insurance Company
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GDPI jumps 17% in Q2FY2024
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ICICI Lombard General Insurance
Company has posted 2% decline in the net profit to Rs 577.27 crore in the
quarter ended September 2023 (Q2FY2024). PBT jumped 25% to Rs 763.65 crore in Q2FY2024.
Gross Direct Premium Income (GDPI) of
the Company was at Rs 6086 crore in Q2FY2024 as against Rs 5185 crore in Q2FY2023,
a growth of 17% as against the industry growth of 12.5%.
Combined ratio stood at 103.9% in Q2 FY2024 as against
105.1% in Q2 FY2023. Excluding the impact of CAT losses of Rs 48 crore in Q2
FY2024 and Rs 28 crore in Q2 FY2023, the combined ratio was 102.8% and 104.3%.
ROAE was 21.1% in Q2 FY2024 compared to 24.5% in Q2
FY2023.
Solvency ratio was 2.59x end September 2023 as against
2.53x end June 2023 and higher than the minimum regulatory requirement of
1.50x. Solvency ratio was 2.51x end March 2023.
The Board of Directors of the company has declared
interim dividend of Rs 5 per share for H1FY2024 as against Rs 4.50 for H1FY2023.
Book
value
of the company stood at Rs 226.2 per share end September 2023. Book value
including fair value change account (shareholders funds) stood at Rs 230.2 per
share end September 2023.
Financial
Performance H1FY2024
Gross Direct Premium Income (GDPI) of the Company stood
at Rs 12472 crore in H1 FY2024 compared to Rs 10555 crore in H1 FY2023, a
growth of 18.2%, which was higher than the industry growth of 14.9%.
Combined ratio stood at 103.7% for H1 FY2024 compared to
104.6% for H1 FY2023. Excluding the impact of CAT losses of Rs 83 crore in H1
FY2024 and Rs 28 crore in H1 FY2023, the combined ratio was 102.7% and 104.2%
respectively.
Profit before tax (PBT) grew by 19.4% to Rs 1284 crore in
H1 FY2024 as against Rs 1075 crore in H1 FY2023. Consequently, Profit after tax
(PAT) grew by 3.0% to Rs 968 crore in H1 FY2024 as against Rs 940 crore in H1
FY2023.
Excluding one time impact of reversal of tax provision in
Q2 FY2023, PAT grew by 19.2% in H1 FY2024 and 24.8% in Q2 FY2024.
Return on Average Equity (ROAE) was 18.0% in H1 FY2024
compared to 19.9% in H1 FY2023.
ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Premiums earned
(net)
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4306.09
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3836.55
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12
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8193.41
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7304.77
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12
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14822.85
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13032.09
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14
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2. Profit / Loss on
sale/ redemption of investments
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723.03
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635.26
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14
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1344.58
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1125.30
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19
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2321.21
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2290.81
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1
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3. Others -
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20.08
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27.22
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-26
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49.24
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47.25
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4
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950.84
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806.98
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18
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4. Interest, Dividend
& Rent Gross
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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Total (A)
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5049.20
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4499.03
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12
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9587.23
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8477.32
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13
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18094.90
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16129.88
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12
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1. Claims Incurred
(net)
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3045.13
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2793.33
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9
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5926.66
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5293.20
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12
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10725.65
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9781.90
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10
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2. Commission (net)
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737.14
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128.23
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475
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1293.49
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206.44
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527
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472.21
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633.89
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-26
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3. Operating expenses
related to insurance business
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669.78
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1067.26
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-37
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1438.72
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2150.68
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-33
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4514.78
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3920.12
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15
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4. Premium deficiency
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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Total Expenses (B)
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4452.05
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3988.82
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12
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8658.87
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7650.32
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13
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15712.64
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14335.91
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10
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Operating Profit/ Loss
C=(A -B)
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597.15
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510.21
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17
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928.36
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827.00
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12
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2382.26
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1793.97
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33
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APPROPRIATIONS
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Transfer to P&L
Account
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597.15
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510.21
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17
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928.36
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827.00
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12
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2382.26
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1793.97
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33
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Transfer to Other
Reserves
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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ICICI Lombard General
Insurance Company: Results Statement of Profit & Loss Account
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Operating
profit/(loss)
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597.15
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510.21
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17
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928.36
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827.00
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12
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2382.26
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1793.97
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33
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(a) Fire Insurance
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102.27
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137.29
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-26
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206.86
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287.44
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-28
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596.10
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408.19
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46
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(b) Marine Insurance
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5.49
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9.07
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-39
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-1.32
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5.57
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-124
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22.92
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-7.69
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LP
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(c) Health
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-48.90
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-26.16
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87
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-117.28
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-46.40
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153
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60.98
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-379.66
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-116
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(d) Crop
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14.79
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1.91
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674
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9.14
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8.25
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11
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57.35
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13.93
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312
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(e) Motor
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487.51
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348.43
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40
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797.74
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499.92
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60
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1419.01
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1545.24
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-8
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(f) Miscellaneous
Insurance
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35.99
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39.67
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-9
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33.22
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72.22
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-54
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225.90
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213.96
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6
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2. Income from
investments
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221.82
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196.97
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13
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407.35
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368.02
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11
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731.73
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703.19
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4
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3. Other income
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0.04
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8.51
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-100
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0.10
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8.55
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-99
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43.94
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2.95
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1389
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Total Income (A)
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819.01
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715.69
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14
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1335.81
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1203.57
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11
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3157.93
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2500.11
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26
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4. Provisions (Other
than taxation)
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40.99
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88.95
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-54
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22.81
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91.91
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-75
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83.84
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-45.18
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PL
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5. Other expenses
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14.37
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17.07
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-16
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29.34
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36.90
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-20
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961.56
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861.77
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12
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Total Expenses (B)
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55.36
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106.02
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-48
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52.15
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128.81
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-60
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1045.40
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816.59
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28
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Profit before tax
(A-B)
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763.65
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609.67
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25
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1283.66
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1074.76
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19
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2112.53
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1683.52
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25
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Provision for taxation
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186.38
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19.14
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874
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316.03
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135.20
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134
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383.48
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412.51
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-7
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Profit after tax
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577.27
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590.53
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-2
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967.63
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939.56
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3
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1729.05
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1271.01
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36
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EPS (Rs) *
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47.0
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48.1
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39.4
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38.2
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35.2
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25.9
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* on current equity of
Rs 491.39 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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Previous News |
ICICI Lombard General Insurance Company standalone net profit rises 48.68% in the June 2024 quarter
(
Results
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Announcements
19-Jul-24
17:31
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(
Results
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Announcements
17-Jan-24
07:33
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(
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17-Jan-24
12:48
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(
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14:23
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09-May-24
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(
Corporate News
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12-Dec-23
11:30
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(
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29-Sep-23
11:38
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(
Hot Pursuit
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22-Jun-23
13:00
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ICICI Lombard General Insurance Company standalone net profit rises 11.84% in the June 2023 quarter
(
Results
-
Announcements
19-Jul-23
07:38
)
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ICICI Lombard General Insurance Company
(
Results
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Analysis
18-Jan-23
07:55
)
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ICICI Lombard General Insurance Company standalone net profit rises 39.82% in the March 2023 quarter
(
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Announcements
19-Apr-23
07:33
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