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Results
19-Oct-22
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Analysis
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ICICI Lombard General Insurance Company
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Combined ratio elevated at 105.1%
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ICICI Lombard General Insurance
Company has posted 32% increase in the net profit to Rs 590.53 crore in the
quarter ended September 2022 (Q2FY2023). PBT rose 3% to Rs 609.67 crore in Q2FY2023.
Gross Direct Premium Income (GDPI) of
the Company was at Rs 5185 crore in Q2FY2023 as against Rs 4425 crore in Q2FY2022,
recording growth of 17%. This growth was higher than the industry growth at 10.0%
during the same period.
Combined ratio stood at 105.1%
in Q2FY2023 as against 105.3% in Q2FY2022. Excluding the impact of flood and
cyclone losses of Rs 28 crore, the combined ratio was 104.3% in Q2FY2023 as
against 103.7% in Q2FY2022 excluding the impact of cyclone and flood losses of
Rs 50 crore.
PBT grew by 2.7% to Rs 610
crore in Q2FY2023 as against Rs 594 crore in Q2FY2022.
Capital gains (net of
impairment on equity investment assets) in Q2FY2023 was at Rs 111 crore as
compared to Rs 144 crore in Q2FY2022.
PAT grew by 32.2% to Rs 591
crore in Q2FY2023 from Rs 447 crore in Q2FY2022.
Return on Average Equity
(ROAE) was 24.5% in Q2FY2023 compared to 21.0% in Q2FY2022.
Solvency ratio was 2.47x end
September 2022 as against 2.61x end June 2022 and higher than the minimum
regulatory requirement of 1.50x. Solvency ratio was 2.46x end March 2022.
The Board of Directors of
the company has declared interim dividend of Rs 4.50 per share for H1FY2023.
Book
value
of the company stood at Rs 200.0 per share end September 2022. Book value
including fair value change account (shareholders funds) stood at Rs 202.5 per
share end September 2022.
Financial
Performance H1FY2023
Gross Direct Premium Income (GDPI) of
the Company was at Rs 10555 crore in H1FY2023 as against Rs 8613 crore in
H1FY2022, a growth of 22.6%. This growth was higher than industry growth of
15.3%.
Combined ratio stood at 104.6% in
H1FY2023 compared to 114.3% in H1FY2022. Excluding the impact of cyclone and
flood losses of Rs 28 crore, the combined ratio was 104.2% in H1FY2023 as
against 113.0% in H1FY2022 excluding the impact of cyclone and flood loses of
Rs 82 crore.
Profit before tax (PBT) grew by 26.1%
to Rs 1075 crore in H1FY2023 as against Rs 852 crore in H1FY2022. Capital gains
(net of impairment on equity investment assets) stood at Rs 143 crore in H1FY2023
as compared to Rs 471 crore in H1FY2022.
Profit after tax (PAT) grew
by 46.6% to Rs 940 crore in H1FY2023 as against Rs 641 crore in H1FY2022. PAT
includes reversal of tax provision of Rs 128 crore. Excluding this, growth in
PAT was 26.5% and 3.4% for H1 and Q2FY2023 respectively.
Return on Average Equity
(ROAE) was 19.9% in H1FY2023 compared to 15.2% in H1FY2022. Excluding the
reversal of tax provision, ROAE for H1 and Q2FY2023 was at 17.3% and 19.3%
respectively.
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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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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3836.55
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3250.29
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7304.77
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6402.43
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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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635.26
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551.75
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1125.30
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1220.21
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2290.81
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1664.24
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3. Others -
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27.22
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6.12
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47.25
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16.76
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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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0.00
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0.00
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Total (A)
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4499.03
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3808.16
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8477.32
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7639.40
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16129.88
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12161.37
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1. Claims Incurred
(net)
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2793.33
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2269.94
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5293.20
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5089.11
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9781.90
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6870.81
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2. Commission (net)
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128.23
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143.54
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206.44
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271.09
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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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1067.26
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937.54
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2150.68
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1767.88
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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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0.00
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0.00
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Total Expenses (B)
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3988.82
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3351.02
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7650.32
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7128.08
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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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510.21
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457.14
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827.00
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511.32
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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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510.21
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457.14
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827.00
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511.32
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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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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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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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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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510.21
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457.14
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827.00
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511.32
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1793.97
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1955.44
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(a) Fire Insurance
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137.29
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59.80
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287.44
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120.46
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408.19
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237.55
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(b) Marine Insurance
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9.07
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-9.41
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5.57
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-26.04
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-7.69
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-9.89
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(c) Health
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-26.16
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31.36
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-46.40
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-521.45
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-379.66
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186.29
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(d) Crop
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1.91
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-1.99
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8.25
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-6.16
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13.93
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25.12
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(e) Motor
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348.43
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333.45
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499.92
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863.82
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1545.24
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1301.08
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(f) Miscellaneous
Insurance
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39.67
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43.93
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72.22
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80.69
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213.96
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215.29
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2. Income from investments
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196.97
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174.11
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368.02
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376.16
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703.19
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504.63
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3. Other income
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8.51
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0.00
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8.55
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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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715.69
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631.25
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1203.57
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887.49
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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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88.95
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5.23
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91.91
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-34.34
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-45.18
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-46.64
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5. Other expenses
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17.07
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32.15
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36.90
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69.70
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861.77
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565.14
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Total Expenses (B)
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106.02
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37.38
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128.81
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35.36
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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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609.67
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593.87
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1074.76
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852.13
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1683.52
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1953.95
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Provision for taxation
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19.14
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147.20
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135.20
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211.16
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412.51
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480.90
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Profit after tax
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590.53
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446.67
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939.56
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640.97
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1271.01
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1473.05
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EPS (Rs) *
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48.1
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36.4
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38.3
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26.1
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25.9
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30.0
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* on current equity of
Rs 491.10 crore of face value of Rs 10 each, Figures in crore,
$ figures for 2209
(3), 2209 (6) and 2203 (12) are post merged with Bharti Axa General Insurance
and are not comparable with earlier periods.
Source: Capitaline
Database
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Previous News |
ICICI Lombard General Insurance Company fixes record date for interim dividend
(
Market Beat
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Reports
28-Sep-23
15:51
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ICICI Lombard General Insurance Company standalone net profit rises 22.39% in the December 2023 quarter
(
Results
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Announcements
17-Jan-24
07:33
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ICICI Lombard General Insurance Co. to announce Quarterly Result
(
Corporate News
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22-Mar-24
11:03
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ICICI Lombard General Insurance Company allots 84,606 equity shares under ESOS
(
Corporate News
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29-Apr-24
15:25
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ICICI Lombard spurts after PAT jumps 22% YoY in Q3 FY24
(
Hot Pursuit
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17-Jan-24
12:48
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Volumes spurt at ICICI Lombard General Insurance Company Ltd counter
(
Hot Pursuit
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17-Jan-24
11:00
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ICICI Lombard slides on receiving Rs 1,900 cr GST notice
(
Hot Pursuit
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29-Dec-23
12:01
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Nifty climbs above 18,700; media shares advance
(
Market Commentary
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Mid-Session
13-Jun-23
11:32
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ICICI Lombard General Insurance Company allots 4.96 lakh equity shares under ESOS
(
Corporate News
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12-Dec-23
11:30
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CRISIL reaffirms 'AAA' rating on debt instrument of ICICI Lombard
(
Hot Pursuit
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18-Sep-23
11:25
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ICICI Lombard drops on getting Rs 1,728-cr GST demand notice
(
Hot Pursuit
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28-Sep-23
14:54
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