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
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