Capitaline

Results 19-Oct-23

Analysis

ICICI Lombard General Insurance Company

GDPI jumps 17% in Q2FY2024

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
	2309 (3)	2209 (3)	Var %	2309 (6)	2209 (6)	Var %	2303 (12)	2203 (12)	Var %
1. Premiums earned (net)	4306.09	3836.55	12	8193.41	7304.77	12	14822.85	13032.09	14
2. Profit / Loss on sale/ redemption of investments	723.03	635.26	14	1344.58	1125.30	19	2321.21	2290.81	1
3. Others -	20.08	27.22	-26	49.24	47.25	4	950.84	806.98	18
4. Interest, Dividend & Rent Gross	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-
Total (A)	5049.20	4499.03	12	9587.23	8477.32	13	18094.90	16129.88	12

1. Claims Incurred (net)	3045.13	2793.33	9	5926.66	5293.20	12	10725.65	9781.90	10
2. Commission (net)	737.14	128.23	475	1293.49	206.44	527	472.21	633.89	-26
3. Operating expenses related to insurance business	669.78	1067.26	-37	1438.72	2150.68	-33	4514.78	3920.12	15
4. Premium deficiency	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-
Total Expenses (B)	4452.05	3988.82	12	8658.87	7650.32	13	15712.64	14335.91	10

Operating Profit/ Loss C=(A -B)	597.15	510.21	17	928.36	827.00	12	2382.26	1793.97	33
APPROPRIATIONS
Transfer to P&L Account	597.15	510.21	17	928.36	827.00	12	2382.26	1793.97	33
Transfer to Other Reserves	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-

ICICI Lombard General Insurance Company: Results Statement of Profit & Loss Account
	2309 (3)	2209 (3)	Var %	2309 (6)	2209 (6)	Var %	2303 (12)	2203 (12)	Var %
1. Operating profit/(loss)	597.15	510.21	17	928.36	827.00	12	2382.26	1793.97	33
(a) Fire Insurance	102.27	137.29	-26	206.86	287.44	-28	596.10	408.19	46
(b) Marine Insurance	5.49	9.07	-39	-1.32	5.57	-124	22.92	-7.69	LP
(c) Health	-48.90	-26.16	87	-117.28	-46.40	153	60.98	-379.66	-116
(d) Crop	14.79	1.91	674	9.14	8.25	11	57.35	13.93	312
(e) Motor	487.51	348.43	40	797.74	499.92	60	1419.01	1545.24	-8
(f) Miscellaneous Insurance	35.99	39.67	-9	33.22	72.22	-54	225.90	213.96	6

2. Income from investments	221.82	196.97	13	407.35	368.02	11	731.73	703.19	4
3. Other income	0.04	8.51	-100	0.10	8.55	-99	43.94	2.95	1389
Total Income (A)	819.01	715.69	14	1335.81	1203.57	11	3157.93	2500.11	26

4. Provisions (Other than taxation)	40.99	88.95	-54	22.81	91.91	-75	83.84	-45.18	PL
5. Other expenses	14.37	17.07	-16	29.34	36.90	-20	961.56	861.77	12

Total Expenses (B)	55.36	106.02	-48	52.15	128.81	-60	1045.40	816.59	28

Profit before tax (A-B)	763.65	609.67	25	1283.66	1074.76	19	2112.53	1683.52	25
Provision for taxation	186.38	19.14	874	316.03	135.20	134	383.48	412.51	-7
Profit after tax	577.27	590.53	-2	967.63	939.56	3	1729.05	1271.01	36
EPS (Rs) *	47.0	48.1		39.4	38.2		35.2	25.9
* 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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