Capitaline

Results 21-Apr-22

Analysis

ICICI Lombard General Insurance Company

Healthy premium collection growth

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
	2203 (3)	2103 (3)	Var %	2203 (12)	2103 (12)	Var %
1. Premiums earned (net)	3317.78	2616.22		13032.09	10013.99
2. Profit / Loss on sale/ redemption of investments	538.37	419.80		2290.81	1664.24
3. Others -	780.19	453.37		806.98	483.14
4. Interest, Dividend & Rent Gross	0.00	0.00		0.00	0.00
Total (A)	4636.34	3489.39		16129.88	12161.37

1. Claims Incurred (net)	2389.28	1874.91		9781.90	6870.81
2. Commission (net)	160.09	109.78		633.89	600.93
3. Operating expenses related to insurance business	1077.39	722.82		3920.12	2734.19
4. Premium deficiency	0.00	0.00		0.00	0.00
Total Expenses (B)	3626.76	2707.51		14335.91	10205.93

Operating Profit/ Loss C=(A -B)	1009.58	781.88		1793.97	1955.44
APPROPRIATIONS
Transfer to P&L Account	1009.58	781.88		1793.97	1955.44
Transfer to Other Reserves	0.00	0.00		0.00	0.00

ICICI Lombard General Insurance Company: Results Statement of Profit & Loss Account
	2203 (3)	2103 (3)	Var %	2203 (12)	2103 (12)	Var %
1. Operating profit/(loss)	1009.58	781.88		1793.97	1955.44
(a) Fire Insurance	167.28	152.99		408.19	237.55
(b) Marine Insurance	9.12	-5.13		-7.69	-9.89
(c) Health	102.88	70.72		-379.66	186.29
(d) Crop	14.11	6.77		13.93	25.12
(e) Motor	652.52	491.51		1545.24	1301.08
(f) Miscellaneous Insurance	63.67	65.02		213.96	215.29

2. Income from investments	164.21	126.63		703.19	504.63
3. Other income	0.77	12.21		2.95	12.38
Total Income (A)	1174.56	920.72		2500.11	2472.45

4. Provisions (Other than taxation)	-10.70	7.75		-45.18	-46.64
5. Other expenses	774.81	462.86		861.77	565.14

Total Expenses (B)	764.11	470.61		816.59	518.50

Profit before tax (A-B)	410.45	450.11		1683.52	1953.95
Provision for taxation	97.94	104.43		412.51	480.90
Profit after tax	312.51	345.68		1271.01	1473.05
EPS (Rs) *	25.5	28.2		25.9	30.0
* 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

Previous News

ICICI Lombard General Insurance Company standalone net profit rises 11.84% in the June 2023 quarter
( Results - Announcements 19-Jul-23 07:38 )

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( Results - Analysis 17-Jan-24 07:52 )

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( Results - Analysis 18-Jul-23 18:57 )

ICICI Lombard General Insurance Co. to announce Quarterly Result
( Corporate News - 22-Mar-24 11:03 )

ICICI Lombard General Insurance Company allots 36,150 equity shares under ESOS
( Corporate News - 18-Feb-22 14:54 )

Volumes soar at ICICI Lombard General Insurance Company Ltd counter
( Hot Pursuit - 17-Jan-24 14:30 )

ICICI Lombard General Insurance Co. to announce Quarterly Result
( Corporate News - 29-Sep-23 11:38 )

ICICI Bank to acquire up tp 4% additional in ICICI Lombard General Insurance Company
( Corporate News - 29-May-23 09:04 )

AU Small Finance Bank, ICICI Lombard announce Bancassurance tie-up
( Hot Pursuit - 06-Dec-22 08:37 )

ICICI Lombard enters into bancassurance tie-up with AU Small Finance Bank
( Hot Pursuit - 05-Dec-22 13:20 )