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Results
19-Jul-22
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Analysis
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ICICI Lombard General Insurance Company
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Premium collection growth above industry growth
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ICICI Lombard General Insurance
Company has posted 80% increase in the net profit to Rs 349.03 crore in the
quarter ended June 2022 (Q1FY2023). PBT galloped 80% to Rs 465.09 crore in Q1FY2023.
Gross Direct Premium Income (GDPI) of
the Company was at Rs 5370 crore in Q1FY2023 as against Rs 4188 crore in Q1FY2022,
recording growth of 28%. This growth was higher than the industry growth at
23.0% during the same period.
Combined ratio stood at 104.1% in Q1FY2023
as against 123.5% in Q1FY2022.
Capital gains were at Rs 32 crore in Q1FY2023
down sharply from Rs 327 crore in Q1FY2022.
Return on Average Equity (ROAE) was
15.0% in Q1FY2023 as against 9.4% in Q1FY2022.
Solvency ratio was 2.61x end June 2022
as against 2.46x at end March 2022 and higher than the minimum regulatory
requirement of 1.50x.
Investment assets increased 7% to Rs 39834
crore end June 2022, as compared to Rs 37107 crore end June 2021. Investment
leverage (net of borrowings) was 4.18x end June 2022 as compared to 4.16x end June
2021. Investment income eased to Rs 661.09 crore in Q1FY2023 as compared to Rs 870.51
crore in Q1FY2022.
Book
value
of the company stood at Rs 192.9 per share end June 2022. Book value including
fair value change account (shareholders funds) stood at Rs 193.4 per share end June
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.
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2206 (3)
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2106 (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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3468.22
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3152.14
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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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490.04
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668.46
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2290.81
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1664.24
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3. Others -
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20.03
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10.64
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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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3978.29
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3831.24
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16129.88
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12161.37
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1. Claims Incurred
(net)
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2499.87
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2819.17
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9781.90
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6870.81
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2. Commission (net)
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78.21
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127.55
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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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1083.42
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830.34
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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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3661.50
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3777.06
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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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316.79
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54.18
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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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316.79
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54.18
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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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2206 (3)
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2106 (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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316.79
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54.18
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1793.97
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1955.44
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(a) Fire Insurance
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150.15
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60.66
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408.19
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237.55
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(b) Marine Insurance
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-3.50
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-16.63
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-7.69
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-9.89
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(c) Health
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-20.24
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-552.81
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-379.66
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186.29
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(d) Crop
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6.34
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-4.17
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13.93
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25.12
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(e) Motor
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151.49
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530.37
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1545.24
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1301.08
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(f) Miscellaneous
Insurance
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32.55
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36.76
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213.96
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215.29
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2. Income from
investments
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171.05
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202.05
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703.19
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504.63
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3. Other income
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0.04
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0.01
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2.95
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12.38
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Total Income (A)
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487.88
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256.24
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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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2.96
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-39.57
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-45.18
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-46.64
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5. Other expenses
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19.83
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37.55
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861.77
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565.14
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Total Expenses (B)
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22.79
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-2.02
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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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465.09
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258.26
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1683.52
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1953.95
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Provision for taxation
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116.06
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63.96
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412.51
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480.90
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Profit after tax
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349.03
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194.30
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1271.01
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1473.05
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EPS (Rs) *
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28.4
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15.8
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25.9
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30.0
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* 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,
$ figures for 2206 (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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