Q3FY23 Result Update - ICICI Lombard General Insurance - ICICI Direct

ICICI Lombard reported a mixed performance.

- Gross premium growth was healthy at 17% YoY to Rs. 5493 crore
- Claims ratio down QoQ 250 bps at 70.3%; opex ratio largely steady at ~30%
- Combined ratio at 104.4% vs. 105.1% QoQ; underwriting loss at Rs. 293 crore
- PAT at Rs. 352 crore, up 11% YoY. ~20 bps gain in market share

Key triggers for future price performance

- Aggressive agency hiring to aid growth in health business while rationalisation of pricing in motor segment to lead to healthy premium uptick

- Investment in strengthening distribution & digital capabilities to keep opex at current run rate. Thus, combined ratio to witness gradual improvement, especially from FY24E onwards as investments start yielding growth

- Competitive intensity remains high. Regulatory changes could lead to near term volatility

For details, click on the link below: Link to the report

Shares of ICICI Lombard General Insurance Company Limited was last trading in BSE at Rs. 1151.55 as compared to the previous close of Rs. 1169.65. The total number of shares traded during the day was 28365 in over 2663 trades.

The stock hit an intraday high of Rs. 1172.75 and intraday low of 1150.00. The net turnover during the day was Rs. 32834915.00.

Source : Equity Bulls

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ICICILombardGeneralInsuranceCompany INE765G01017 Q3FY23 ResultUpdate ICICIDirect