ICICI Lombard Q4FY23 PAT up 39.8% at Rs437cr on lower underwriting losses

ICICI Lombard General Insurance reported 13.36% growth in total revenues for the March 2023 quarter at Rs5,256cr. Revenues were up 20.5% on sequential basis. Fourth quarter GDPI (gross direct premium income) grew 6.7% while full year GDPI grew 17%, slightly higher than the industry average. The combined ratio went up marginally on a yoy basis from 103.2% to 104.2%. The board has recommended a final dividend of Rs5.50 per share. The solvency ratio of ICICL Lombard improved from 2.46X to 2.51X in Q4FY23.

Financial highlights for Mar-23 compared yoy and sequentially

 ICICI Lombard    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 5,255.58

₹ 4,636.34

13.36%

₹ 4,362.00

20.49%

Net Profit (Rs cr)

₹ 436.96

₹ 312.51

39.82%

₹ 352.53

23.95%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 8.89

₹ 6.35

 

₹ 7.17

 

Net Margins

8.31%

6.74%

 

8.08%

 

 

Consolidated Profit after tax (PAT) for March 2023 quarter was up 39.8% at Rs437cr on the back of lower underwriting losses in the current quarter compared to the year ago period. Its annualized return on average equity (ROAE) improved from 14% to 17.2% on yoy basis. The yield on investments for the quarter without considering unrealized gains stood at 1.93%. Net margins were marginally higher on a sequential basis, but due to lower underwriting losses, the net margins were higher 157 bps on a yoy basis.

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