ICICI Lombard General Insurance Q3 & 9M FY2022 Performance

Jan 18, 2023, 14:57 IST

•   Gross Direct Premium Income (GDPI) of the Company increased to ₹ 160.48 billion in 9M FY2023 compared to ₹ 133.11 billion in 9M FY2022, a growth of 20.6% which was higher than the industry growth of 16.2%. Excluding crop, GDPI growth of the Company was at 19.9%, which was higher than the industry growth of 17.5% in 9M FY2023
•   GDPI of the Company was at ₹ 54.93 billion in Q3 FY2023 as against ₹ 46.99 billion in Q3 FY2022, a growth of 16.9% as against the industry growth of 18.1%. Excluding crop, GDPI growth of the Company was at 17.1%, which was higher than the industry growth of 16.6% in Q3 FY2023.
•   Combined ratio was at 104.6% in 9M FY2023 compared to 111.0% in 9M FY2022
•   Combined ratio was at to 104.4% in Q3 FY2023 compared to 104.5% in Q3 FY2022.
•   Profit before tax (PBT) grew by 21.0% to ₹ 15.40 billion in 9M FY2023 compared to ₹ 12.73 billion in 9M FY2022, whereas PBT grew by 10.5% to ₹ 4.65 billion in Q3 FY2023 as against ₹ 4.21 billion in Q3 FY2022
   Capital gains were at ₹ 2.94 billion in 9M FY2023 compared to ₹ 6.01 billion in 9M FY2022. Capital gains were at ₹ 1.52 billion in Q3 FY2023 as against ₹ 1.31 billion in Q3 FY2022.
•   Consequently, Profit after tax (PAT) grew by 34.8% to ₹ 12.92 billion in 9M FY2023 compared to ₹ 9.59 billion in 9M FY2022. PAT includes reversal of tax provision of ₹ 1.28 billion in Q2 FY2023. Excluding this, PAT grew by 21.4% for 9M FY2023.
   PAT grew by 11.0% to ₹ 3.53 billion in Q3 FY2023 as against ₹ 3.18 billion in Q3 FY2022.
•   Return on Average Equity (ROAE) was 18.1% in 9M FY2023 as against 15.1% in 9M FY2022, whereas ROAE was 14.3% in Q3 FY2023 as against 14.6% in Q3 FY2022.
•   Solvency ratio was 2.45x as at December 31, 2022 as against 2.47x as at September 30, 2022 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.46x as at March 31, 2022.