Q2FY24 Quarterly & H1FY24 Bi-Annual Result Announced for ICICI Lombard General Insurance Company Ltd.
ICICI Lombard General Insurance Company announced Q2FY24 & H1FY24 results: Gross Direct Premium Income (GDPI) of the Company stood at Rs 124.72 billion in H1FY24 compared to Rs 105.55 billion in H1FY23, a growth of 18.2%, which was higher than the industry growth of 14.9%. GDPI of the Company was at Rs 60.86 billion in Q2FY24 as against Rs 51.85 billion in Q2FY23, growth of 17.4%. This growth was higher than industry growth of 12.5%. The combined ratio stood at 103.7% for H1FY24 compared to 104.6% for H1FY23. Excluding the impact of CAT losses of Rs 0.83 billion in H1FY24 and 0.28 billion in H1FY23, the combined ratio was 102.7% and 104.2% respectively. Combined ratio stood at 103.9% in Q2FY24 as against 105.1% in Q2FY23. Excluding the impact of CAT losses of Rs 0.48 billion in Q2FY24 and Rs 0.28 billion in Q2FY23, the combined ratio was 102.8% and 104.3%. Profit before tax (PBT) grew by 19.4% to Rs 12.84 billion in H1FY24 as against Rs 10.75 billion in H1FY23 whereas PBT grew by 25.3% to Rs 7.64 billion in Q2FY24 as against Rs 6.10 billion in Q2FY23. Consequently, Profit after tax (PAT) grew by 3.0% to Rs 9.68 billion in H1FY24 as against Rs 9.40 billion in H1FY23. PAT fell by 2.2% to Rs 5.77 billion in Q2FY24 from Rs 5.91 billion in Q2FY23. Excluding the one-time impact of the reversal of tax provision in Q2FY23, PAT grew by 19.2% in H1FY24 and 24.8% in Q2FY24. Return on Average Equity (ROAE) was 18.0% in H1FY24 compared to 19.9% in H1FY23 while ROAE was 21.1% in Q2FY24 compared to 24.5% in Q2FY23. Solvency ratio was 2.59x on September 30, 2023, as against 2.53x on June 30, 2023, and higher than the minimum regulatory requirement of 1.50x. The solvency ratio was 2.51x on March 31, 2023. The Board of Directors of the company has declared an interim dividend of Rs 5.00 per share for H1FY24 as against Rs 4.50 for H1FY23. Result PDF19-10-2023
