ICICI Lombard General Insurance Company Ltd reports Q2FY23 earnings

ICICI Lombard General Insurance Company Ltd has announced the financial results for the period ended September 30, 2022.

- Gross Direct Premium Income (GDPI) of the Company was at ₹ 105.55 billion in H1 FY2023 as against ₹ 86.13 billion in H1 FY2022, a growth of 22.6%. This growth was higher than industry growth of 15.3%.

- GDPI of the Company was at ₹ 51.85 billion in Q2 FY2023 as against ₹ 44.24 billion in Q2 FY2022, growth of 17.2%. This growth was higher than industry growth of 10.0%.

- Combined ratio stood at 104.6% in H1 FY2023 compared to 114.3% in H1 FY2022. Excluding the impact of cyclone and flood losses of ₹ 0.28 billion, the combined ratio was 104.2% in H1 FY2023 as against 113.0% in H1 FY2022 excluding the impact of cyclone and flood loses of ₹ 0.82 billion.

- Combined ratio stood at 105.1% in Q2 FY2023 as against 105.3% in Q2 FY2022. Excluding the impact of flood and cyclone losses of ₹ 0.28 billion, the combined ratio was 104.3% in Q2 FY2023 as against 103.7% in Q2 FY2022 excluding the impact of cyclone and flood losses of ₹ 0.50 billion.

- Profit before tax (PBT) grew by 26.1% to ₹ 10.75 billion in H1 FY2023 as against ₹ 8.52 billion in H1 FY2022 whereas PBT grew by 2.7% to ₹ 6.10 billion in Q2 FY2023 as against ₹ 5.94 billion in Q2 FY2022.

- Our capital gains (net of impairment on equity investment assets) stood at ₹ 1.43 billion in H1 FY2023 as compared to ₹ 4.71 billion in H1 FY2022. Capital gains (net of impairment on equity investment assets) in Q2 FY2023 was at ₹ 1.11 billion as compared to ₹ 1.44 billion in Q2 FY2022.

- Consequently, Profit after tax (PAT) grew by 46.6% to ₹ 9.40 billion in H1 FY2023 as against ₹ 6.41 billion in H1 FY2022 whereas PAT grew by 32.2% to ₹ 5.91 billion in Q2 FY2023 from ₹ 4.47 billion in Q2 FY2022.

- PAT includes reversal of tax provision of ₹ 1.28 billion. Excluding this, growth in PAT was 26.5% and 3.4% for H1 and Q2 FY2023 respectively.

- Return on Average Equity (ROAE) was 19.9% in H1 FY2023 compared to 15.2% in H1 FY2022 while ROAE was 24.5% in Q2 FY2023 compared to 21.0% in Q2 FY2022.

- Excluding the reversal of tax provision, ROAE for H1 and Q2 FY2023 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 ₹ 4.50 per share for H1 FY2023.

Shares of ICICI Lombard General Insurance Company Limited was last trading in BSE at Rs. 1149.70 as compared to the previous close of Rs. 1132.25. The total number of shares traded during the day was 12963 in over 2766 trades.

The stock hit an intraday high of Rs. 1151.25 and intraday low of 1131.70. The net turnover during the day was Rs. 14812064.00.

Source : Equity Bulls

Keywords

ICICILombardGeneralInsuranceCompany INE765G01017 Q2FY23 ResultUpdate