ICICI Lombard General Insurance announced Q2FY23 results: Gross Direct Premium Income (GDPI) of the Company was at Rs 105.55 billion in H1FY23 as against Rs 86.13 billion in H1FY22, a growth of 22.6%. This growth was higher than industry growth of 15.3%. GDPI of the Company was at Rs 51.85 billion in Q2FY23 as against Rs 44.24 billion in Q2FY22, growth of 17.2%. This growth was higher than industry growth of 10.0%. Combined ratio stood at 104.6% in H1FY23 compared to 114.3% in H1FY22. Excluding the impact of cyclone and flood losses of Rs 0.28 billion, the combined ratio was 104.2% in H1FY23 as against 113.0% in H1FY22 excluding the impact of cyclone and flood loses of Rs 0.82 billion. Combined ratio stood at 105.1% in Q2FY23 as against 105.3% in Q2FY22. Excluding the impact of flood and cyclone losses of Rs 0.28 billion, the combined ratio was 104.3% in Q2FY23 as against 103.7% in Q2FY22 excluding the impact of cyclone and flood losses of Rs 0.50 billion. Profit before tax (PBT) grew by 26.1% to Rs 10.75 billion in H1FY23 as against Rs 8.52 billion in H1FY22 whereas PBT grew by 2.7% to Rs 6.10 billion in Q2FY23 as against Rs 5.94 billion in Q2FY22. Our capital gains (net of impairment on equity investment assets) stood at Rs 1.43 billion in H1FY23 as compared to Rs 4.71 billion in H1FY22. Capital gains (net of impairment on equity investment assets) in Q2FY23 was at Rs 1.11 billion as compared to Rs 1.44 billion in Q2FY22. Consequently, Profit after tax (PAT) grew by 46.6% to Rs 9.40 billion in H1FY23 as against Rs 6.41 billion in H1FY22 whereas PAT grew by 32.2% to Rs 5.91 billion in Q2FY23 from Rs 4.47 billion in Q2FY22. PAT includes reversal of tax provision of Rs 1.28 billion. Excluding this, growth in PAT was 26.5% and 3.4% for H1 and Q2FY23 respectively. Return on Average Equity (ROAE) was 19.9% in H1FY23 compared to 15.2% in H1FY22 while ROAE was 24.5% in Q2FY23 compared to 21.0% in Q2 FY22. Excluding the reversal of tax provision, ROAE for H1 and Q2FY23 was at 17.3% and 19.3% respectively. Solvency ratio was 2.47x at September 30, 2022 as against 2.61x at June 30, 2022 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.46x at March 31, 2022. The Board of Directors of the company has declared interim dividend of Rs 4.50 per share for H1FY23. Result PDF
Conference Call with ICICI Lombard General Insurance Company Management and SBI Funds Analysts on Business Performance and Outlook. Listen to the full transcript.
ICICI Lombard General Insurance Company Announced Q1FY23 Result: Gross Direct Premium Income (GDPI) of the Company was at Rs 53.70 billion in Q1 FY2023 as against Rs 41.88 billion in Q1 FY2022, growth of 28.2%. This growth was higher than the industry growth at 23.0% during the same period. Combined ratio stood at 104.1% in Q1 FY2023 as against 123.5% in Q1 FY2022. Profit before tax (PBT) grew by 80.1% to Rs 4.65 billion in Q1 FY2023 as against Rs 2.58 billion in Q1 FY2022. Capital gains were at Rs 0.32 billion in Q1 FY2023 as against Rs 3.27 billion in Q1 FY2022. Consequently, Profit after tax (PAT) grew by 79.6% to Rs 3.49 billion in Q1 FY2023 as against Rs 1.94 billion in Q1 FY2022. Return on Average Equity (ROAE) was 15.0% in Q1 FY2023 as against 9.4% in Q1 FY2022. Solvency ratio was 2.61x at June 30, 2022 as against 2.46x at March 31, 2022 and higher than the minimum regulatory requirement of 1.50x. Result PDF