InvestorQ : How were the results of ICICI Lombard General Insurance for the September quarter?
Katherine Gonsalves made post

How were the results of ICICI Lombard General Insurance for the September quarter?

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rhea Babu answered.
1 month ago
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For the second quarter ended September 2022, ICICI Lombard General Insurance reported 18.1% growth in revenues at Rs4,499 crore. Gross Direct Premium Income (GDPI) for the first half of the fiscal ended September 2022 was up by 22.6% at Rs105.55 billion. Second quarter GDPI was up 17%, and thankfully for the company this is substantially higher than the industry median of 10%. Investment income was flat with limited traction in equities or even in debt amidst rising bond yields. However, even the loss impairment of the portfolio was limited. Return on average equity (ROAE) went up by a whopping 470 basis from 15.2% to 19.9% on yoy basis in H1FY23. Solvency ratio at 2.47 was lower than 2.61 last year.

ICICI Lombard

Rs in Crore

Sep-22

Sep-21

YOY

Jun-22

QOQ

Total Income (Rs cr)

₹ 4,499.03

₹ 3,808.16

18.14%

₹ 3,978.29

13.09%

Net Profit (Rs cr)

₹ 590.53

₹ 446.67

32.21%

₹ 319.03

85.10%

Diluted EPS (Rs)

₹ 12.00

₹ 9.06

₹ 7.09

Net Margins

13.13%

11.73%

8.02%

Now for the profit performance of ICICI Lombard General Insurance in the September 2022 quarter. Net profits after tax were up 32.21% at Rs591 crore while profits grew by an impressive 85.10% sequentially. The board of directors of ICICI Lombard General Insurance have declared an interim dividend of Rs4.50 per share, which is subject to shareholder approval. The combined ratio in the quarter has been stable at around 105.1% while the operating profit margins were at a healthy level of 13.3%. Net margins came in at 13.13% for Q2FY23 as compared with a lower 11.73% in the year ago quarter and a much lower 8.02% in the sequential June 2022 quarter. Overall a good show in a tough quarter.

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