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Results
22-Oct-21
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Analysis
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ICICI Lombard General Insurance Company
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Normalcy returning, growth remains moderate
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ICICI
Lombard General Insurance Company has posted 7% rise in the net profit to Rs 446.67
crore in the quarter ended September 2021 (Q2FY2022). PBT moved up 7% to Rs
593.87 crore in Q2FY2022.
Gross Direct Premium Income (GDPI) of the Company was at
Rs 4424 crore in Q2FY2022 as against Rs 3189 crore in Q2FY2021. Growth has remained
moderate on sequential basis on Q2FY2022. Excluding crop segment, GDPI of the
Company increased to Rs 3841 crore in Q2FY2022 as against Rs 3186 crore in
Q2FY2021. The industry growth (excluding crop segment) for Q2FY2022 was 17.5%.
Combined ratio was 105.3% in Q2 FY2022 as against 99.7%
in Q2 FY2021. Excluding the impact of flood and cyclone losses of Rs 50 crore,
the combined ratio was 103.7% in Q2 FY2022 as against 96.6% in Q2 FY2021
excluding the impact of cyclone and flood losses of Rs 77 crore.
Capital gains were higher at Rs 471 crore in H1 FY2022 as
against Rs 184 crore in H1 FY2021. Capital gains were at Rs 144 crore in Q2
FY2022 as against Rs 124 crore in Q2 FY2021.
Return on Average Equity (ROAE) was 21.0% in Q2 FY2022 as
against to 24.7% in Q2 FY2021.
Solvency ratio was 2.49x at September 30, 2021 as against
2.61x at June 30, 2021 and higher than the minimum regulatory requirement of
1.50x. Solvency ratio was 2.90x at March 31, 2021.
The Board of Directors of the company has declared
interim dividend of 4.00 per share for H1 FY2022.
Investment assets
increased 28% to Rs 37195 crore end September 2021, as compared to Rs 29162 crore
end September 2020. Investment leverage (net of borrowings) was 4.27x end September
2021 as compared to 4.13x end September 2020. Investment income increased to Rs
725.86 crore in Q2FY2022 as compared to Rs 532.18 crore in Q2FY2021.
Book
value
of the company stood at Rs 176.31 per share end September 2021. Book value
including fair value change account (shareholders funds) stood at Rs 180.6 per
share end September 2021.
Financial Performance H1FY2022
GDPI of the Company was at Rs 8613 crore in H1 FY2022 as
against Rs 6491 crore in H1 FY2021. Excluding crop segment, GDPI of the Company
increased to Rs 8030 crore in H1 FY2022 as against Rs 6459 crore in H1 FY2021.
The industry growth for the same period (excluding crop segment) was 16.9%.
Combined ratio was 114.3% in H1FY2022 as against 99.8% in
H1FY2021. Excluding the impact of flood and cyclone losses of Rs 82 crore, the
combined ratio was 113.0% in H1FY2022 as against 97.5% in H1FY2021 excluding
the impact of cyclone and flood losses of Rs 107 crore. This includes the
impact of Covid claims on health book of Rs 561 crore in H1FY2022 as against Rs
115 crore in H1FY2021.
Profit before tax (PBT) was at Rs 852 crore in H1FY2022
as against Rs 1086 crore in H1FY2021. This includes the impact of covid claims
on health book of Rs 561 crore in H1FY2022 as against Rs 115 crore in H1FY2021.
Consequently, Profit after tax (PAT) was at Rs 641 crore
in H1FY2022 as against Rs 814 crore in H1FY2021.
Return on Average Equity (ROAE) was 15.2% in H1FY2022
as against to 24.9% in H1FY2021.
Notes:
During the quarter ended September 2021, the Company has
allotted 35,756,194 equity shares of face value of 10 each to the shareholders
of Bharti AXA General Insurance Company Limited or pursuant to the scheme of
demerger.
The Board of Directors of the Company at its Meeting held
on 21 August 2020, had, inter alia, approved a Scheme of Arrangement amongst
Bharti AXA and the Company. The Scheme provides inter alia for the demerger of
the general insurance business of the Demerged Company into the Company as a
going concern with effect from the Appointed Date 1 April 2020. The
consideration of Rs 4815.82 crore has been discharged through issue of
35,756,194 equity shares to the shareholders of Bharti AXA at 10 per share
(including Share Premium of 1336.85 per share).
The company has also restated its Audited financial
results for the Quarter ended June 2021 and the same is presented along with
the Audited financial results of the Half year ended September 2021. The
comparative figures reported for the quarter and six months ended September
2020 and audited results for the year ended March 2021 does not include the
effect of the Scheme. Consequently, the comparative previous period numbers are
not strictly comparable.
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2109 (3)
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2009 (3)
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Var %$
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2109 (6)
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2009 (6)
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Var %$
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2103 (12)
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2003 (12)
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Var %
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1. Premiums earned
(net)
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3250.29
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2462.52
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6402.43
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4786.36
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10013.99
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9403.52
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6
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2. Profit / Loss on
sale/ redemption of investments
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551.75
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408.56
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1220.21
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802.56
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1664.24
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1542.50
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8
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3. Others -
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6.12
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12.32
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16.76
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24.15
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483.14
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106.74
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353
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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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0.00
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0.00
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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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3808.16
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2883.40
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7639.40
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5613.07
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12161.37
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11052.76
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10
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1. Claims Incurred
(net)
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2269.94
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1653.77
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5089.11
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3275.43
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6870.81
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6851.58
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0
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2. Commission (net)
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143.54
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165.14
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271.09
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266.76
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600.93
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363.99
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65
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3. Operating expenses
related to insurance business
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937.54
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647.01
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1767.88
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1209.41
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2734.19
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2293.10
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19
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4. Premium deficiency
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0.00
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0.00
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0.00
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0.00
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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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3351.02
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2465.92
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7128.08
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4751.60
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10205.93
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9508.67
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7
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Operating Profit/ Loss
C=(A -B)
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457.14
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417.48
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511.32
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861.47
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1955.44
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1544.09
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27
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APPROPRIATIONS
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Transfer to P&L
Account
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457.14
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417.48
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511.32
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861.47
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1955.44
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1544.09
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27
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Transfer to Other
Reserves
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0.00
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0.00
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0.00
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0.00
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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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2109 (3)
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2009 (3)
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Var %$
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2109 (6)
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2009 (6)
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Var %$
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2103 (12)
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2003 (12)
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Var %
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1. Operating
profit/(loss)
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457.14
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417.48
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511.32
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861.47
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1955.44
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1544.09
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27
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(a) Fire Insurance
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59.80
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28.69
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120.46
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37.19
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237.55
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95.14
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150
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(b) Marine Insurance
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-9.41
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-0.66
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-26.04
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-9.79
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-9.89
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35.47
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-128
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(c) Health
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31.36
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8.14
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-521.45
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20.30
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186.29
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497.52
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-63
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(d) Crop
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-1.99
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6.89
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-6.16
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12.57
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25.12
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16.25
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55
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(e) Motor
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333.45
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333.15
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863.82
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713.77
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1301.08
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662.19
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96
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(f) Miscellaneous
Insurance
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43.93
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41.27
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80.69
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87.43
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215.29
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237.52
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-9
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2. Income from
investments
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174.11
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123.62
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376.16
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238.10
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504.63
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464.44
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9
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3. Other income
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0.00
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0.09
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0.01
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0.11
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12.38
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15.57
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-20
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Total Income (A)
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631.25
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541.19
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887.49
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1099.68
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2472.45
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2024.10
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22
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4. Provisions (Other
than taxation)
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5.23
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-66.86
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-34.34
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-61.20
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-46.64
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168.35
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-128
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5. Other expenses
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32.15
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53.48
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69.70
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75.27
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565.14
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158.86
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256
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Total Expenses (B)
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37.38
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-13.38
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35.36
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14.07
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518.50
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327.21
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58
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Profit before tax
(A-B)
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593.87
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554.57
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852.13
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1085.61
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1953.95
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1696.89
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15
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Provision for taxation
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147.20
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138.83
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211.16
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271.77
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480.90
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503.13
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-4
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Profit after tax
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446.67
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415.74
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640.97
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813.84
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1473.05
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1193.76
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23
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EPS (Rs) *
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36.4
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33.9
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26.1
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33.2
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30.0
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24.3
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* on current equity of
Rs 490.53 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit, Figures in crore,
$ figures for 2109 (3) and 2109 (6) are post merger
with Bharti Axa General Insurance and are not comparable with earlier periods
Source: Capitaline Corporate Database
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(
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(
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