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Results
19-Apr-23
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Analysis
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ICICI Lombard General Insurance Company
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PAT jumps 40% in Q4FY2023
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ICICI Lombard General Insurance
Company has posted strong 40% increase in the net profit to Rs 436.96 crore in
the quarter ended March 2023 (Q4FY2023). PBT jumped 39% to Rs 572.51 crore in Q4FY2023.
Gross Direct Premium Income (GDPI) of
the Company was at Rs 4977 crore in Q4FY2023 as against Rs 4666 crore in
Q4FY2022, a growth of 6.7% as against the industry growth of 16.9%.
Combined ratio stood at 104.2% in
Q4FY2023 compared to 103.2% in Q4FY2022.
Capital gains were at Rs 159 crore in
Q4FY2023 as against Rs 136 crore in Q4FY2022.
ROAE was 17.2% in Q4FY2023 as against
14.0% in Q4FY2022.
Solvency ratio was 2.51x as at end March
2023 as against 2.45x as at end December 2022 which was higher than the minimum
regulatory requirement of 1.50x. Solvency ratio was 2.46x as at end March 2022.
Book
value
of the company stood at Rs 211.6 per share end March 2023. Book value including
fair value change account (shareholders funds) stood at Rs 212.4 per share end March
2023.
Financial
Performance FY2023
Gross Direct Premium Income (GDPI) of
the Company stood at Rs 21025 crore in FY2023 compared to Rs 17977 crore in
FY2022, a growth of 17.0% which was higher than the industry growth of 16.4%.
Combined ratio stood at 104.5% in
FY2023 compared to 108.8% in FY2022.
Profit before tax (PBT) grew by 25.5%
to Rs 2113 crore in FY2023 compared to Rs 1684 crore in FY2022
Capital gains were at Rs 453 crore in
FY2023 compared to Rs 738 crore in FY2022.
Consequently, Profit after tax (PAT)
grew by 36.0% to Rs 1729 crore in FY2023 compared to Rs 1271 crore in FY2022.
PAT includes reversal of tax provision of Rs 128 crore in Q2 FY2023.
Return on Average Equity
(ROAE) was 17.7% in FY2023 as against 14.7% in FY2022.
The Board of Directors of
the Company has proposed final dividend of Rs 5.50 per share for FY2023. The
overall dividend for FY2023 including proposed final dividend is Rs 10.00 per
share.
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2303 (3)
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2203 (3)
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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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3726.03
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3317.78
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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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615.78
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538.37
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14
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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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913.77
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780.19
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17
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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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Total (A)
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5255.58
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4636.34
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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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2766.17
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2389.28
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16
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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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91.36
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160.09
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-43
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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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1119.28
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1077.39
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4
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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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Total Expenses (B)
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3976.81
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3626.76
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10
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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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1278.77
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1009.58
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27
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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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1278.77
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1009.58
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27
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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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ICICI Lombard General
Insurance Company: Results Statement of Profit & Loss Account
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2303 (3)
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2203 (3)
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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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1278.77
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1009.58
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27
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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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180.67
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167.28
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8
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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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29.15
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9.12
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220
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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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127.28
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102.88
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24
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60.98
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-379.66
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LP
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(d) Crop
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63.59
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14.11
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351
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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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802.21
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652.52
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23
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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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75.87
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63.67
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19
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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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176.91
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164.21
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8
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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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14.08
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0.77
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1729
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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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1469.76
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1174.56
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25
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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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-8.93
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-10.70
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-17
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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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906.18
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774.81
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17
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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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897.25
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764.11
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17
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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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572.51
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410.45
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39
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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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135.55
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97.94
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38
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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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436.96
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312.51
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40
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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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35.6
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25.5
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35.2
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25.9
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* on current equity of
Rs 491.13 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit, Source: Capitaline Database
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