Q3FY24 Quarterly & 9MFY24 Result Announced for ICICI Lombard General Insurance Company Ltd.
ICICI Lombard General Insurance Company announced Q3FY24 & 9MFY24 results: Financial Highlights Gross Direct Premium Income (GDPI): - 9MFY24: Rs 187.03 billion, a growth of 16.5% from 9MFY23. - Q3FY24: Rs 62.30 billion, a growth of 13.4% from Q3FY23. Combined Ratio: - 9MFY24: 103.7%, improved from 104.6% in 9MFY23. - Q3FY24: 103.6%, improved from 104.4% in Q3FY23. Profit Before Tax (PBT): - 9MFY24: Rs 18.57 billion, increased by 20.6% from 9MFY23. - Q3FY24: Rs 5.74 billion, increased by 23.3% from Q3FY23. Profit After Tax (PAT): - 9MFY24: Rs 13.99 billion, 8.3% higher than in 9MFY23. - Q3FY24: Rs 4.31 billion, a rise of 22.4% from Q3FY23. Return on Average Equity (ROAE): - 9MFY24: At 17.1%, down slightly from 18.1% in 9MFY23. - Q3FY24: At 15.3%, up from 14.3% in Q3FY23. Solvency Ratio: - As of December 31, 2023: Stood at 2.57x, above the regulatory requirement of 1.5x. Operational Performance Operating Ratios: - Excluding the impact of catastrophes, the combined ratio for 9MFY24 would be 102.6%. Investment Returns Realised Returns: - 9MFY24: 5.89% on investments, an upturn from 5.47% in 9MFY23. Investment Portfolio: - Investment leverage stood at 4.11x at the end of 9MFY24. - Unrealised gain of Rs 10.12 billion as of December 31, 2023. Market Position Market Share: - ICICI Lombard holds an 8.8% market share for 9MFY24. Product Breakdown Motor Insurance: - Motor Own Damage (OD) loss ratio improved to 64.9% in 9MFY24 from 65.3%. - Motor Third Party (TP) loss ratio improved to 64.6% in 9MFY24 from 67.3%. Health, Travel & Personal Accident Insurance: - Loss ratio reduced to 80.1% in 9MFY24 from 78.0% in 9MFY23. Property & Casualty (P&C;): - Fire loss ratio increased to 70.6% in 9MFY24 from 49.0%. - Marine loss ratio increased to 79.6% in 9MFY24 from 60.6%. Result PDF16-01-2024