ICICI Lombard Q2 Results FY2024, Net profit at Rs.5.77 billion

On 18th October 2023, ICICI Lombard General Insurance announced its quarterly results.

Key Highlights:

- The company's Gross Direct Premium Income (GDPI) increased by 18.2% to Rs.124.72 billion in the H1FY2024 from Rs.105.55 billion, outpacing the industry's 14.9% rise. GDPI for the Company increased by 17.4% from Q2 FY2023, when it was at Rs.51.85 billion to Q2 FY2024, reaching Rs.60.86 billion. This growth exceeded the 12.5% industry growth rate.
- PBT increased by 25.3% to Rs.7.64 billion in Q2 FY2024 from Rs.6.10 billion in Q2 FY2023, while PBT increased by 19.4% to Rs.12.84 billion in H1FY2024 from Rs.10.75 billion in H1FY2023.
- Compared to H1 FY2023, profit after tax (PAT) increased by 3.0% to Rs.9.68 billion from Rs.9.40 billion. PAT decreased by 2.2% to Rs.5.77 billion from Rs.5.91 billion in the Q2FY2023.

Business Highlights:

- For Q2FY2024, the retail health agency vertical increased by 21.7%.
- In Q2FY2024, Bancassurance and Key Relationship Groups expanded by 24.3%.
- At September 30, 2023, the advance premium was Rs.32.89 billion.
- Return on Average Equity (ROAE) decreased from 19.9% in H1 FY2023 to 18.0% in H1 FY2024. It also decreased from 24.5% in Q2 FY2023 to 21.1% in Q2 FY2024.
- The company also declared an interim dividend of Rs 5 per equity share.