Capitaline

Results 19-Apr-23

Analysis

ICICI Lombard General Insurance Company

PAT jumps 40% in Q4FY2023

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.

ICICI Lombard General Insurance Company: Results Statement of Revenue Accounts
	2303 (3)	2203 (3)	Var %	2303 (12)	2203 (12)	Var %
1. Premiums earned (net)	3726.03	3317.78	12	14822.85	13032.09	14
2. Profit / Loss on sale/ redemption of investments	615.78	538.37	14	2321.21	2290.81	1
3. Others -	913.77	780.19	17	950.84	806.98	18
4. Interest, Dividend & Rent Gross	0.00	0.00	-	0.00	0.00	-
Total (A)	5255.58	4636.34	13	18094.90	16129.88	12

1. Claims Incurred (net)	2766.17	2389.28	16	10725.65	9781.90	10
2. Commission (net)	91.36	160.09	-43	472.21	633.89	-26
3. Operating expenses related to insurance business	1119.28	1077.39	4	4514.78	3920.12	15
4. Premium deficiency	0.00	0.00	-	0.00	0.00	-
Total Expenses (B)	3976.81	3626.76	10	15712.64	14335.91	10

Operating Profit/ Loss C=(A -B)	1278.77	1009.58	27	2382.26	1793.97	33
APPROPRIATIONS
Transfer to P&L Account	1278.77	1009.58	27	2382.26	1793.97	33
Transfer to Other Reserves	0.00	0.00	-	0.00	0.00	-

ICICI Lombard General Insurance Company: Results Statement of Profit & Loss Account
	2303 (3)	2203 (3)	Var %	2303 (12)	2203 (12)	Var %
1. Operating profit/(loss)	1278.77	1009.58	27	2382.26	1793.97	33
(a) Fire Insurance	180.67	167.28	8	596.10	408.19	46
(b) Marine Insurance	29.15	9.12	220	22.92	-7.69	LP
(c) Health	127.28	102.88	24	60.98	-379.66	LP
(d) Crop	63.59	14.11	351	57.35	13.93	312
(e) Motor	802.21	652.52	23	1419.01	1545.24	-8
(f) Miscellaneous Insurance	75.87	63.67	19	225.90	213.96	6

2. Income from investments	176.91	164.21	8	731.73	703.19	4
3. Other income	14.08	0.77	1729	43.94	2.95	1389
Total Income (A)	1469.76	1174.56	25	3157.93	2500.11	26

4. Provisions (Other than taxation)	-8.93	-10.70	-17	83.84	-45.18	PL
5. Other expenses	906.18	774.81	17	961.56	861.77	12

Total Expenses (B)	897.25	764.11	17	1045.40	816.59	28

Profit before tax (A-B)	572.51	410.45	39	2112.53	1683.52	25
Provision for taxation	135.55	97.94	38	383.48	412.51	-7
Profit after tax	436.96	312.51	40	1729.05	1271.01	36
EPS (Rs) *	35.6	25.5		35.2	25.9
* 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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