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ICICI Lombard General Insurance Company's Q2FY24 Financial Performance Review

Oct 18, 2023

By: BlinkX Research Team

In this financial performance review, we delve into the results of ICICI Lombard General Insurance Company (ICICIGI) for the second quarter of fiscal year 2024 (Q2FY24) and analyze key metrics, including revenue, expenses, net profit, and margin.

REVENUE:

The company reported a total revenue of ₹6,272 crores for Q2FY24, reflecting a significant year-on-year growth of 18.29%. However, in comparison to the Q1FY24, there was a decrease of 5.29% from ₹6,622 crores.

EXPENSES:

They also recorded expenses amounting to ₹4,452 crores in Q2FY24. Expenses have grown significantly year-on-year, with an 11.63% increase compared to ₹3,988 crores in Q2FY23. Expenses increased by 5.85% when compared to the previous quarter.

NET PROFIT:

The net profit of the Company for Q2FY24 was ₹577.2 crores. This represents a robust increase of 47.89% compared to Q1FY24, where the net profit was ₹390.3 crores. 

MARGINS:

There is a marginal decline of -2.25% in Net Profit on year-on-year basis. Margins rose by 3.31% compared to quarter-on-quarter when the margin was 5.89%. Year-on-year, the margin has decreased from the margin of 11.14% during Q2FY23.

In conclusion, ICICI Lombard General Insurance Company's financial performance in Q2FY24 shows a remarkable recovery in net profit, driven by improved margins, despite a slight year-on-year decline. 

Stay tuned for more detailed updates on ICICI Lombard's financial performance in the coming quarters