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ICICI Lombard General Insurance Company Limited reports Q3FY21 earnings
Posted On : 2021-01-19 21:26:19( TIMEZONE : IST )
ICICI Lombard General Insurance Company Limited has announced the financial results for the period ended December 31, 2020.
Gross Direct Premium Income (GDPI) of the Company increased to Rs. 105.25 billion in 9M FY2021 compared to Rs. 101.32 billion in 9M FY2020, a growth of 3.9%. This was in line with the industry growth.
- GDPI of the Company increased to Rs. 40.34 billion in Q3 FY2021 compared to Rs. 36.93 billion in Q3 FY2020, a growth of 9.2%. The industry growth for Q3 FY2021 was 4.9%.
Combined ratio improved to 99.1% in 9M FY2021 compared to 100.5% in 9M FY2020.
- Combined ratio improved to 97.9% in Q3 FY2021 compared to 98.7% in Q3 FY2020.
Profit before tax (PBT) grew by 13.4% to Rs. 15.04 billion in 9M FY2021 from Rs. 13.26 billion in 9M FY2020, whereas PBT grew by 7.3% to Rs. 4.18 billion in Q3 FY2021 compared to Rs. 3.90 billion in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.
- Capital gains were at Rs. 2.92 billion in 9M FY2021 compared to Rs. 2.24 billion in 9M FY2020. Capital gains were at Rs. 1.08 billion in Q3 FY2021 compared to Rs. 0.17 billion in Q3 FY2020.
Profit after tax (PAT) grew by 23.6% to Rs. 11.27 billion in 9M FY2021 compared to Rs. 9.12 billion in 9M FY2020, whereas PAT grew by 6.6% to Rs. 3.14 billion in Q3 FY2021 from Rs. 2.94 billion in Q3 FY2020.
Return on Average Equity (ROAE) was 22.4% in 9M FY2021 compared to 21.8% in 9M FY2020, whereas ROAE was 17.6% in Q3 FY2021 compared to 20.3% in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.
Solvency ratio was 2.76x at December 31, 2020 as against 2.74x at September 30, 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at March 31, 2020.
Shares of ICICI Lombard General Insurance Company Ltd was last trading in BSE at Rs.1509.45 as compared to the previous close of Rs. 1524.85. The total number of shares traded during the day was 22362 in over 2508 trades.
The stock hit an intraday high of Rs. 1559 and intraday low of 1505. The net turnover during the day was Rs. 34206667.
