• 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