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  3.  ICICI Lombard Q1 FY 2023

 ICICI Lombard Q1 FY 2023

by Ankur Sharma July 20, 2022

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  • 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
GDPI53.7041.8828.2%179.77
PBT4.652.5880.1%16.84
PAT3.491.9479.6%12.71

Ratios

Financial IndicatorsQ1 FY2023Q1 FY2022FY2022
ROAE (%) – Annualised15.0%9.4%14.7%
Combined Ratio104.1%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

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