ICICI Lombard General Insurance Q1 Results FY2023, PAT at Rs. 3.49 billion
On 19th July 2022, ICICI Lombard General Insurance announced its quarterly results for the first quarter of FY2023
Q1FY23 Key Highlights:
- Gross Direct Premium Income (GDPI) of the Company was at Rs. 53.70 billion in Q1 FY2023 as against Rs. 41.88 billion in Q1 FY2022, a growth of 28.2%. This growth was higher than the industry growth of 23.0% during the same period.
- Combined ratio stood at 104.1% in Q1 FY2023 as against 123.5% in Q1 FY2022.
- Profit before tax (PBT) grew by 80.1% to Rs. 4.65 billion in Q1 FY2023 as against Rs. 2.58 billion in Q1 FY2022
- Capital gains were at Rs. 0.32 billion in Q1 FY2023 as against Rs. 3.27 billion in Q1 FY2022.
- Profit after tax (PAT) grew by 79.6% to Rs. 3.49 billion in Q1 FY2023 as against Rs. 1.94 billion in Q1 FY2022
- Return on Average Equity (ROAE) was 15.0% in Q1 FY2023 as against 9.4% in Q1 FY2022.
- Share of health insurance in the company’s product mix increased from 22 percent in FY22 to 28 percent in Q1FY23. The company has been focused on increasing its health book faster and had guided for a higher proportion of health segment in the business mix.
- Loss ratio in the health segment halved in Q1FY23 to 73.7 percent compared to 148.4 percent in Q1FY22. Overall, the insurer’s loss ratio has come down to 72.1 percent in Q1FY23 from 75.1 percent in FY22.
Shares of the ICICI Lombard General Insurance closed at Rs. 1,268.85, down 0.51 percent from the previous day’s close.
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