ICICI Lombard Q1 FY 2023
- Gross Direct Premium Income (GDPI) of the Company was at ₹ 53.70 billion in Q1 FY2023 as against ₹ 41.88 billion in Q1 FY2022, growth of 28.2%. This growth was higher than the industry growth at 23.0% during the same
- Combined ratio stood at 104.1% in Q1 FY2023 as against 123.5% in Q1
- Profit before tax (PBT) grew by 1% to ₹ 4.65 billion in Q1 FY2023 as against ₹ 2.58 billion in Q1 FY2022.
o Capital gains were at ₹ 0.32 billion in Q1 FY2023 as against ₹ 3.27 billion in Q1 FY2022.
- Consequently, Profit after tax (PAT) grew by 6% to ₹ 3.49 billion in Q1 FY2023 as against ₹ 1.94 billion in Q1 FY2022.
- Return on Average Equity (ROAE) was 15.0% in Q1 FY2023 as against 9.4% in Q1 FY2022.
- Solvency ratio was 2.61x at June 30, 2022 as against 2.46x at March 31, 2022 and higher than the minimum regulatory requirement of 50x.
Operating Performance Review
(₹ billion)
| Financial Indicators | Q1 FY2023 | Q1 FY2022 | Growth % | FY2022 |
| GDPI | 53.70 | 41.88 | 28.2% | 179.77 |
| PBT | 4.65 | 2.58 | 80.1% | 16.84 |
| PAT | 3.49 | 1.94 | 79.6% | 12.71 |
Ratios
| Financial Indicators | Q1 FY2023 | Q1 FY2022 | FY2022 |
| ROAE (%) – Annualised | 15.0% | 9.4% | 14.7% |
| Combined Ratio | 104.1% | 123.5% | 108.8% |
Notes:
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