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Results
21-Apr-22
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Analysis
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ICICI Lombard General Insurance Company
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Healthy premium collection growth
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ICICI Lombard General Insurance
Company has posted 10% decline in the net profit to Rs 312.51 crore in the
quarter ended March 2022 (Q4FY2022). PBT fell 9% to Rs 410.45 crore in Q4FY2022.
Gross
Direct Premium Income (GDPI) of the Company was at Rs 4666 crore in Q4FY2022 as
against Rs 3478 crore in Q4FY2021, recording growth of 34%. Excluding crop
segment, GDPI of the Company was at Rs 4655 crore in Q4FY2022 as against Rs
3478 crore in Q4FY2021. PBT was at Rs 410 crore in Q4 FY2022 as against Rs 450 crore
in Q4FY2021.
Combined
ratio improved marginally on sequential basis to 103.2% in Q4FY2022 from 104.5%
in Q3FY2022, while remained higher from 101.8% in Q4FY2021.
Capital gains were at Rs 136 crore in Q4FY2022
as against Rs 66 crore in Q4FY2021.
Return
on Average Equity (ROAE) was 14.0% in Q4 FY2022 as against 18.8% in Q4 FY2021.
Solvency
ratio was 2.46x end March 2022 as against 2.45x end December 2021 and higher than
the minimum regulatory requirement of 1.50x. Solvency ratio was 2.90x end March
2021.
Investment assets increased 26% to Rs 38786
crore end March 2022, as compared to Rs 30892 crore end March 2021. Investment
leverage (net of borrowings) was 4.23x end March 2022 as compared to 4.09x end March
2021. Investment income increased to Rs 702.58 crore in Q4FY2022 as compared to
Rs 546.43 crore in Q4FY2021.
The
Board of Directors of the Company has proposed final dividend of Rs 5.00 per
share for FY2022. The payment is subject to the approval of shareholders in the
ensuing Annual General Meeting of the Company. The overall dividend for FY2022
including proposed final dividend is Rs 9.00 per share.
Book
value
of the company stood at Rs 185.6 per share end March 2022. Book value including
fair value change account (shareholders funds) stood at Rs 187.3 per share end March
2022.
Financial
Performance FY2022
Gross
Direct Premium Income (GDPI) of the Company stood at Rs 17977 crore in FY2022
as against Rs 14003 crore in FY2021. Excluding crop segment, GDPI of the
Company was at Rs 17311 crore in FY2022 as against Rs 13971 crore in FY2021. Combined
ratio stood at 108.8 % in FY2022 as against 99.8% in FY2021.
Profit
before tax (PBT) was at Rs 1684 crore in FY2022 as against Rs 1954 crore in
FY2021. Capital gains were at Rs 738 crore in FY2022 as against Rs 359 crore in
FY2021. Profit after tax (PAT) was at Rs 1271 crore in FY2022 as against Rs
1473 crore in FY2021. Return on Average Equity (ROAE) was 14.7% in FY2022 as
against 21.7% in FY2021.
ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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1. Premiums earned
(net)
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3317.78
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2616.22
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13032.09
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10013.99
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2. Profit / Loss on
sale/ redemption of investments
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538.37
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419.80
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2290.81
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1664.24
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3. Others -
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780.19
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453.37
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806.98
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483.14
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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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Total (A)
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4636.34
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3489.39
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16129.88
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12161.37
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1. Claims Incurred
(net)
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2389.28
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1874.91
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9781.90
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6870.81
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2. Commission (net)
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160.09
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109.78
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633.89
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600.93
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3. Operating expenses
related to insurance business
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1077.39
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722.82
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3920.12
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2734.19
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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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Total Expenses (B)
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3626.76
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2707.51
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14335.91
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10205.93
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Operating Profit/ Loss
C=(A -B)
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1009.58
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781.88
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1793.97
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1955.44
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APPROPRIATIONS
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Transfer to P&L
Account
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1009.58
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781.88
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1793.97
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1955.44
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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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ICICI Lombard General
Insurance Company: Results Statement of Profit & Loss Account
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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1. Operating
profit/(loss)
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1009.58
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781.88
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1793.97
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1955.44
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(a) Fire Insurance
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167.28
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152.99
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408.19
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237.55
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(b) Marine Insurance
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9.12
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-5.13
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-7.69
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-9.89
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(c) Health
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102.88
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70.72
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-379.66
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186.29
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(d) Crop
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14.11
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6.77
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13.93
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25.12
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(e) Motor
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652.52
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491.51
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1545.24
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1301.08
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(f) Miscellaneous
Insurance
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63.67
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65.02
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213.96
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215.29
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2. Income from
investments
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164.21
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126.63
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703.19
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504.63
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3. Other income
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0.77
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12.21
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2.95
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12.38
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Total Income (A)
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1174.56
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920.72
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2500.11
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2472.45
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4. Provisions (Other
than taxation)
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-10.70
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7.75
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-45.18
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-46.64
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5. Other expenses
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774.81
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462.86
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861.77
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565.14
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Total Expenses (B)
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764.11
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470.61
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816.59
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518.50
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Profit before tax
(A-B)
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410.45
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450.11
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1683.52
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1953.95
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Provision for taxation
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97.94
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104.43
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412.51
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480.90
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Profit after tax
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312.51
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345.68
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1271.01
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1473.05
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EPS (Rs) *
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25.5
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28.2
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25.9
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30.0
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* on current equity of
Rs 490.89 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit, Figures in crore, $ figures for 2203 (3)
and 2203 (12) are post merged with Bharti Axa General Insurance and are not
comparable with earlier periods. Source: Capitaline Corporate
Database
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