Conference Call with ICICI Lombard General Insurance Company Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
ICICI Lombard General Insurance Company announced Q3FY23 results: Q3FY23: GDPI of the company was at Rs 54.93 billion in Q3FY23 as against Rs 46.99 billion in Q3FY22, a growth of 16.9% as against the industry growth of 18.1%. Excluding crop, GDPI growth of the company was at 17.1%, which was higher than the industry growth of 16.6% in Q3FY23. Combined ratio was at 104.4% in Q3FY23 compared to 104.5% in Q3FY22. Capital gains were at Rs 2.94 billion in 9MFY23 compared to Rs 6.01 billion in 9MFY22. Capital gains were at Rs 1.52 billion in Q3FY23 as against Rs 1.31 billion in Q3FY22. PAT grew by 11.0% to Rs 3.53 billion in Q3FY23 as against Rs 3.18 billion in Q3FY22. 9MFY23: Gross Direct Premium Income (GDPI) of the company increased to Rs 160.48 billion in 9MFY23 compared to Rs 133.11 billion in 9MFY22, a growth of 20.6% which was higher than the industry growth of 16.2%. Excluding crop, GDPI growth of the company was at 19.9%, which was higher than the industry growth of 17.5% in 9MFY23 Combined ratio was at 104.6% in 9MFY23 compared to 111% in 9MFY22. Profit before Tax (PBT) grew by 21% to Rs 15.40 billion in 9MFY23 compared to Rs 12.73 billion in 9MFY22, whereas PBT grew by 10.5% to Rs 4.65 billion in Q3FY23 as against Rs 4.21 billion in Q3FY22. Consequently, Profit after Tax (PAT) grew by 34.8% to Rs 12.92 billion in 9MFY23 compared to Rs 9.59 billion in 9MFY22. PAT includes reversal of tax provision of Rs 1.28 billion in Q2FY23. Excluding this, PAT grew by 21.4% for 9MFY23. Return on Average Equity (RoAE) was 18.1% in 9MFY23 as against 15.1% in 9MFY22, whereas RoAE was 14.3% in Q3FY23 as against 14.6% in Q3FY22. Result PDF
Conference Call with ICICI Lombard General Insurance Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.