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% |
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| Diluted EPS (Rs) | ₹ 8.89 | ₹ 6.35 |
| ₹ 7.17 |
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| Net Margins | 8.31% | 6.74% |
| 8.08% |
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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.