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ICICI Lombard General Insurance Company has posted 22% jump
in the net profit to Rs 431.46 crore in the quarter ended December 2023 (Q3FY2024).
PBT grew by 23.3% to Rs 574 crore in Q3FY2024 as against Rs 465 crore in
Q3FY2023.
Gross Direct Premium Income (GDPI) of the Company was at Rs 6230
crore in Q3FY2024 as against Rs 5493 crore in Q3FY2023, growth of 13.4%. This
growth was higher than industry growth of 12.3%. Excluding crop and mass
health, GDPI growth of the Company was at 12.0%, which was higher than the
industry growth of 11.3% in Q3FY2024.
Combined ratio stood at 103.6% in Q3FY2024 as against 104.4%
in Q3FY2023. Excluding the impact of CAT losses of Rs 0.54 crore in Q3FY2024,
the combined ratio was 102.3%.
ROAE was 15.3% in Q3FY2024 compared to 14.3% in Q3FY2023.
Solvency ratio was 2.57x end December 2023 as against 2.59x end
September 2023 and higher than the minimum regulatory requirement of 1.50x.
Solvency ratio was 2.51x end March 2023.
Book
value
of the company stood at Rs 231.62 per share end December 2023. Book value
including fair value change account (shareholders funds) stood at Rs 235.6 per
share end December 2023.
Financial
Performance 9MFY2024
GDPI of the Company stood at Rs 18703 crore in 9MFY2024
compared to Rs 16048 crore in 9MFY2023, a growth of 16.5%, which was higher
than the industry growth of 14.0%. Excluding crop and mass health, GDPI growth
of the Company was at 15.6%, which was higher than the industry growth of 15.2%
in 9MFY2024.
Combined ratio stood at 103.7% for 9MFY2024 compared to
104.6% for 9MFY2023. Excluding the impact of CAT losses of Rs 1.37 crore, the
combined ratio was 102.6% in 9MFY2024.
Profit before tax (PBT) grew by 20.6% to Rs 1857 crore in 9MFY2024
as against Rs 1540 crore in 9MFY2023.
Consequently, Profit after tax (PAT) grew by 8.3% to Rs 1399
crore in 9MFY2024 as against Rs 1292 crore in 9MFY2023. Excluding one-time
impact of reversal of tax provision in Q2FY2023, PAT grew by 20.2% in 9MFY2024.
Return on Average Equity (ROAE) was 17.1% in 9MFY2024
compared to 18.1% in 9MFY2023
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
|
|
|
2312 (3)
|
2212 (3)
|
Var %
|
2312 (9)
|
2212 (9)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
1. Premiums earned
(net)
|
4304.81
|
3792.05
|
14
|
12498.22
|
11096.82
|
13
|
14822.85
|
13032.09
|
14
|
|
2. Profit / Loss on
sale/ redemption of investments
|
665.93
|
580.13
|
15
|
2010.51
|
1705.43
|
18
|
2321.21
|
2290.81
|
1
|
|
3. Others -
|
32.41
|
-10.18
|
-418
|
81.65
|
37.07
|
120
|
950.84
|
806.98
|
18
|
|
4. Interest, Dividend
& Rent Gross
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
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Total (A)
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5003.15
|
4362.00
|
15
|
14590.38
|
12839.32
|
14
|
18094.90
|
16129.88
|
12
|
|
|
|
|
|
|
|
|
|
|
|
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1. Claims Incurred
(net)
|
3014.10
|
2666.28
|
13
|
8940.76
|
7959.48
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12
|
10725.65
|
9781.90
|
10
|
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2. Commission (net)
|
845.65
|
174.41
|
385
|
2139.14
|
380.85
|
462
|
472.21
|
633.89
|
-26
|
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3. Operating expenses
related to insurance business
|
727.41
|
1244.82
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-42
|
2166.13
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3395.50
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-36
|
4514.78
|
3920.12
|
15
|
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4. Premium deficiency
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
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Total Expenses (B)
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4587.16
|
4085.51
|
12
|
13246.03
|
11735.83
|
13
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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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415.99
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276.49
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50
|
1344.35
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1103.49
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22
|
2382.26
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1793.97
|
33
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APPROPRIATIONS
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|
|
|
|
|
|
|
|
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Transfer to P&L
Account
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415.99
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276.49
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50
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1344.35
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1103.49
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22
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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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0.00
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0.00
|
-
|
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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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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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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415.99
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276.49
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50
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1344.35
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1103.49
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22
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2382.26
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1793.97
|
33
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(a) Fire Insurance
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103.64
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127.99
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-19
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310.50
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415.43
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-25
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596.10
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408.19
|
46
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(b) Marine Insurance
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6.88
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-11.80
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LP
|
5.56
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-6.23
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LP
|
22.92
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-7.69
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LP
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(c) Health
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-9.42
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-19.90
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-53
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-126.70
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-66.30
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91
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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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1.17
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-14.49
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LP
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10.31
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-6.24
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LP
|
57.35
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13.93
|
312
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(e) Motor
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252.18
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116.88
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116
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1049.92
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616.80
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70
|
1419.01
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1545.24
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-8
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(f) Miscellaneous
Insurance
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61.54
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77.81
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-21
|
94.76
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150.03
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-37
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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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204.24
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186.80
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9
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611.59
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554.82
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10
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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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4.59
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21.31
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-78
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4.69
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29.86
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-84
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43.94
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2.95
|
1389
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Total Income (A)
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624.82
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484.60
|
29
|
1960.63
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1688.17
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16
|
3157.93
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2500.11
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26
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|
|
|
|
|
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|
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4. Provisions (Other
than taxation)
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37.14
|
0.86
|
4219
|
59.95
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92.77
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-35
|
83.84
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-45.18
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PL
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5. Other expenses
|
13.95
|
18.48
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-25
|
43.29
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55.38
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-22
|
961.56
|
861.77
|
12
|
|
|
|
|
|
|
|
|
|
|
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Total Expenses (B)
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51.09
|
19.34
|
164
|
103.24
|
148.15
|
-30
|
1045.40
|
816.59
|
28
|
|
|
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|
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|
|
|
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Profit before tax
(A-B)
|
573.73
|
465.26
|
23
|
1857.39
|
1540.02
|
21
|
2112.53
|
1683.52
|
25
|
|
Provision for taxation
|
142.27
|
112.73
|
26
|
458.30
|
247.93
|
85
|
383.48
|
412.51
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-7
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Profit after tax
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431.46
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352.53
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22
|
1399.09
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1292.09
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8
|
1729.05
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1271.01
|
36
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EPS (Rs) *
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35.1
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28.6
|
|
37.9
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35.0
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35.1
|
25.8
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* on current equity of
Rs 492.28 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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