ICICI Lombard general insurance PERFORMANCE FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2022
Gross Direct Premium Income (GDPI) of the Company was at ₹ 105.55 billion in H1 FY2023as against ₹ 86.13 billion in H1 FY2022, a growth of 22.6%. This growth was higher than industry growth of 15.3%.
o 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. Excludingthe 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.
o 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.
- Profitbefore 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.
o 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.
o 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 H1FY2022 while ROAE was 24.5% in Q2 FY2023 compared to 21.0% in Q2 FY2022.
o 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 andhigher 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.
Operating Performance Review
|Financial Indicators||Q2 FY2023||Q2 FY2022||Growth
|H1 FY2023||H1 FY2022||Growth
|Financial Indicators||Q2 FY2023||Q2 FY2022||H1 FY2023||H1 FY2022||FY2022|
|ROAE (%) – Annualised||24.5%||21.0%||19.9%||15.2%||14.7%|
Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses – Commission on Reinsurance)/ Net Written Premium
Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business
Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)
Net Worth = Share Capital + Reserves & Surplus
About ICICI Lombard General Insurance Company Ltd. ICICI Lombard is one of the leading general insurance companies and the leading motor insurer in the country. The Company offers a comprehensive and welldiversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 20 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 29.3 million policies, settled 2.3 million claims and has a Gross Written Premium (GWP) of ₹185.62 billion for the year ended March 31, 2022. ICICI Lombard has 283 branches and 11,085 employees as on March 31, 2022. ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems 100% to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech- driven innovations, including the industry first Face Scan and Cal Scan on its signature insurance and wellness App – IL TakeCare, with over 1.4 million downloads. The company has won several laurels including the ‘Emerging Company of the Year’ at ET Corporate Excellence Awards, ‘Best General Insurance Company’ at Annual Best & Emerging Insurance Company Awards, ‘ACEF Asian Leadership’ for ‘Combatting COVID 19’ initiatives, Guinness World Record for its CSR initiatives and many more. The awards are a testament to the trust reposed in the Company by its customers, partners and other stakeholders. For more details log on to www.icicilombard.com For further press queries please get in touch with Ms. Seema Jadhav +91 70459 26209 or email to [email protected] For investor queries please get in touch with Mr. Sarvesh Agrawal +91 70450 91174 or send an email to [email protected] / / [email protected]
Disclaimer Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’ , ‘would’ , ‘indicating’ , ‘expected to’ etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our Promoter company with the United States Securities and Exchange Commission. ICICI Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there.