ICICI Lombard General Insurance Q1FY23 Result: PAT declines 16.3% to ₹3,878 Cr QOQ, Solvency Ratio at 2.6%

Gross Direct Premium Income (GDPI) of the Company was at ₹ 53.70 billion in Q1 FY2023 as against ₹ 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 ₹ 4.65 billion in Q1 FY2023 as against ₹ 2.58 billion in Q1 FY2022

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ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.[4] The company has a Gross Written Premium (GWP) of ₹143.20 billion (FY 2021). The firm offers policy insurance and renewal through its intermediaries and website.

The company has posted its Q1FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹3,878.29 crore in the quarter ended on June 30, 2022 as against ₹4,636.34 crore in the last quarter ended on Mar 31, 2022, increased by 16.35%.

The company has posted a consolidated Net Profit of ₹349.03 crore in the quarter ended on March 31, 2022 as against ₹312.51 crore in the previous quarter ended on June 30, 2022. The PAT surges up by 11.68%.

The status of the EPS of the company stood at ₹7.09 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹6.35, up by 11.65%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income3,878.294,636.34
Total Expenses3661.503626.76
PBT /(Loss)465.09410.45
Total Tax /(credit)116.0697.94
PAT /(Loss) [to the owners]349.03312.51
*figures are in Crores

(I) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹3,878.29 crore in the financial year ended on June 30, 2022 as against ₹3,831.24 crore for the same quarter ended on last year June 30, 2021 that increased by 1.22%.

The company has posted a consolidated Net Profit of ₹349.03 crore in the financial year ended on June 30, 2022 as against ₹194.30 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 79.63%.

The status of the EPS of the company stood at ₹7.09 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹3.94, up by 79.94%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income3,878.293,831.24
Total Expenses3661.503777.06
PBT /(Loss)465.09258.26
Total Tax /(credit)116.0663.96
PAT /(Loss) [to the owners]349.03194.30
*figures are in Crores
Market Times – ICICI Lombard General Insurance company q1fy23 result

(III) Key Highlights about the Performance :

  • Gross Direct Premium Income (GDPI) of the Company was at ₹ 53.70 billion in Q1 FY2023 as against ₹ 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 ₹ 4.65 billion in Q1 FY2023 as against ₹ 2.58 billion in Q1 FY2022.
    • Capital gains were at ₹ 0.32 billion in Q1 FY2023 as against ₹ 3.27 billion in Q1 FY2022.
  • Consequently, Profit after tax (PAT) grew by 79.6% to ₹ 3.49 billion in Q1 FY2023 as against ₹ 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.

(IV) Ratios :

Q1FY23Q4FY22Q1FY22
Solvency Ratio %2.612.462.61
*RoAE %159.414.7
* Return on Average Equity

The stock last hit in BSE,

  • Intraday High of ₹ 1276.00
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