ICICI Lombard General Insurance Company has posted strong 49% surge in the net profit to Rs 580.37 crore in the quarter ended June 2024 (Q1FY2025). PBT grew by 49% to Rs 773.99 crore in Q1FY2025 as against Rs 520.01 crore in Q1FY2024.
Gross Direct Premium Income (GDPI) of the Company was at Rs 7688 crore in Q1FY2025 as against Rs 6387 crore in Q1FY2024, showing growth of 20%. This growth was higher than industry growth of 13%. Excluding crop and mass health, GDPI growth of the Company was at 20%, which was higher than the industry growth of 15% in Q1FY2025.
The operating profit of the company jumped 51% to Rs 501.47 crore in Q1FY2025, driven by motor segment registering 21% surge to Rs 374.70 crore and fire posting growth of 15% to Rs 120.30 crore. The operating profit of miscellaneous segment rebounded to Rs 46.71 crore from loss of Rs 2.77 crore in Q1FY2024. However, the marine segment posted operating loss of Rs 11.72 crore, health Rs 27.00 crore and crop Rs 1.52 crore in Q1FY2025.
Combined ratio was steady on sequential basis at 102.3% in Q1FY2025 from Q4FY2024, while improved from 103.8% in Q1FY2024. Incurred claim ratio stood at 74.0% in Q1FY2025 as against 74.1% in Q1FY2024.
The investment portfolio of the company increased 14% to Rs 51004 crore, of which the corporate bonds book stood at 40.9%, g-sec 41.7% and equity 12.6% end June 2024.
ROAE was 19.1% in Q1FY2025 compared to 14.7% in Q1FY2024.
Solvency ratio was 2.56x end June 2024 as against 2.62x end March 2024 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.53x end June 2023.
Book value of the company stood at Rs 249.5 per share end June 2024. Book value including fair value change account (shareholders funds) stood at Rs 256.6 per share end June 2024.
Financial Performance FY2024
GDPI of the Company stood at Rs 24776 crore in FY2024 compared to Rs 21025 crore in FY2023, a growth of 18%, which was higher than the industry growth of 12.8%. Excluding crop and mass health, GDPI growth of the Company was at 17.1%, which was higher than the industry growth of 14.8% in FY2024.
Combined ratio stood at 103.30% for FY2024 compared to 104.50% for FY2023. Excluding the impact of CAT losses of Rs 137 crore, the combined ratio was 102.5% in FY2024.
Capital gains were at Rs 551 crore in FY2024 compared to Rs 453 crore in FY2023. Profit before tax (PBT) grew by 21% to Rs 2555.18 crore in FY2024 as against Rs 2112.53 crore in FY2023.
Consequently, Profit after tax (PAT) grew by 11% to Rs 1918.59 crore in FY2024 as against Rs 1729.05 crore in FY2023. Return on Average Equity (ROAE) was 17.20% in FY2024 compared to 17.70% in FY2023.
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ICICI Lombard General
Insurance Company: Results Statement of Revenue Accounts
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|
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Premiums earned
(net)
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4503.88
|
3887.32
|
16
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16866.47
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14822.85
|
14
|
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2. Profit / Loss on
sale/ redemption of investments
|
844.57
|
643.02
|
31
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2776.06
|
2321.21
|
20
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3. Others -
|
3.50
|
9.91
|
-65
|
109.58
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950.84
|
-88
|
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4. Interest, Dividend
& Rent Gross
|
0.00
|
0.00
|
-
|
0.00
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0.00
|
-
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Total (A)
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5351.95
|
4540.25
|
18
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19752.11
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18094.90
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9
|
|
|
|
|
|
|
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1. Claims Incurred
(net)
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3334.41
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2881.53
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16
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11939.47
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10725.65
|
11
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2. Commission (net)
|
804.48
|
556.35
|
45
|
3089.01
|
472.21
|
554
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3. Operating expenses
related to insurance business
|
711.59
|
771.16
|
-8
|
2817.73
|
4514.78
|
-38
|
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4. Premium deficiency
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
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Total Expenses (B)
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4850.48
|
4209.04
|
15
|
17846.21
|
15712.64
|
14
|
|
|
|
|
|
|
|
|
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Operating Profit/ Loss
C=(A -B)
|
501.47
|
331.21
|
51
|
1905.90
|
2382.26
|
-20
|
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APPROPRIATIONS
|
|
|
|
|
|
|
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Transfer to P&L
Account
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501.47
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331.21
|
51
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1905.90
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2382.26
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-20
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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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ICICI Lombard General
Insurance Company: Results Statement of Profit & Loss Account
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|
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Operating
profit/(loss)
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501.47
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331.21
|
51
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1905.90
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2382.26
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-20
|
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(a) Fire Insurance
|
120.30
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104.59
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15
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503.67
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596.10
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-16
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(b) Marine Insurance
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-11.72
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-6.81
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72
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27.21
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22.92
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19
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(c) Health
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-27.00
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-68.38
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-61
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-113.99
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60.98
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PL
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(d) Crop
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-1.52
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-5.65
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-73
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30.03
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57.35
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-48
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(e) Motor
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374.70
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310.23
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21
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1304.43
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1419.01
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-8
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(f) Miscellaneous
Insurance
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46.71
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-2.77
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LP
|
154.55
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225.90
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-32
|
|
|
|
|
|
|
|
|
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2. Income from
investments
|
252.90
|
185.53
|
36
|
844.84
|
731.73
|
15
|
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3. Other income
|
0.04
|
0.06
|
-33
|
5.17
|
43.94
|
-88
|
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Total Income (A)
|
754.41
|
516.80
|
46
|
2755.91
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3157.93
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-13
|
|
|
|
|
|
|
|
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4. Provisions (Other
than taxation)
|
-35.53
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-18.18
|
95
|
139.94
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83.84
|
67
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5. Other expenses
|
15.95
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14.97
|
7
|
60.79
|
961.56
|
-94
|
|
|
|
|
|
|
|
|
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Total Expenses (B)
|
-19.58
|
-3.21
|
510
|
200.73
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1045.40
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-81
|
|
|
|
|
|
|
|
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Profit before tax
(A-B)
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773.99
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520.01
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49
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2555.18
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2112.53
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21
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Provision for taxation
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193.62
|
129.65
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49
|
636.59
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383.48
|
66
|
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Profit after tax
|
580.37
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390.36
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49
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1918.59
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1729.05
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11
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EPS (Rs) *
|
47.1
|
31.7
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38.9
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35.1
|
|
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* on current equity of
Rs 493.3 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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