ICICI Lombard First Quarter Results: PAT grows by 50% ; Premium Income rises by 20% to Rs. 7,688 crores

ICICI Lombard First Quarter Results: PAT grows by 50% ; Premium Income rises by 20% to Rs. 7,688 crores
PERFORMANCE FOR THE QUARTER ENDED JUNE 30, 2024
·Gross Direct Premium Income (GDPI) of the Company stood at ₹ 76.88 billion in Q1 FY2025 compared to ₹ 63.87 billion in Q1 FY2024, a growth of 20.4%, which was higher than the industry growth of 13.3%. Excluding crop and mass health, GDPI growth of the Company was at 19.7%, which was higher than the industry growth of 14.8% in Q1 FY2025.
·Combined ratio stood at 102.3% for Q1 FY2025 compared to 103.8% for Q1 FY2024.
·Profit before tax (PBT) grew by 48.8% to ₹ 7.74 billion in Q1 FY2025 as against ₹ 5.20 billion in Q1 FY2024.
o Capital gains were at ₹ 2.84 billion in Q1 FY2025 as against ₹ 1.23 billion in Q1 FY2024.
·Consequently, Profit after tax (PAT) grew by 48.7% to ₹ 5.80 billion in Q1 FY2025 as against ₹ 3.90 billion in Q1 FY2024.
·Return on Average Equity (ROAE) was 19.1% in Q1 FY2025 compared to 14.7% in Q1 FY2024.
·Solvency ratio was 2.56x as at June 30, 2024 as against 2.62x as at March 31, 2024 which was higher than the minimum regulatory requirement of 1.50x.
Operating Performance Review :
(₹ billion)
Financial Indicators |
Q1 FY2024 |
Q1 FY2025 |
Growth % |
FY2024 |
GDPI |
63.87 |
76.88 |
20.4% |
247.76 |
PBT |
5.20 |
7.74 |
48.8% |
25.55 |
PAT |
3.90 |
5.80 |
48.7% |
19.19 |
Ratios :
Financial Indicators |
Q1 FY2024 |
Q1 FY2025 |
FY2024 |
ROAE (%) – Annualised |
14.7% |
19.1% |
17.2% |
Combined ratio (%)* |
103.8% |
102.3% |
103.3% |
* CoR revised for Q12024 & FY2024 basis IRDAI master circular dated May 17, 2024.
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