ICICI Lombard GI Q3 PAT flat at Rs317.53cr on doubling of net underwriting losses

20 Jan 2022 , 12:15 PM

ICICI Lombard General Insurance reported 26% growth in total revenues for the Dec-21 quarter on consolidated basis at Rs3,854cr. The revenues were higher by 1.21% on sequential basis.

The company reported gross direct premium income (GDPI) for Q3 at Rs4,699cr against Rs4,034cr last year Q3. Combined ratio improved from 97.9% to 104.5% yoy.

Solvency ratio was slightly lower at 2.45 compared to 2.49 in the previous year. The pressure on the bottom line came from the doubling of net underwriting loss at Rs269cr.

The consolidated Profit after tax (PAT) for the Dec-20 quarter was up 1.28% at Rs317.53cr on yoy basis. The profits were -28.91% lower on sequential basis. Return on average equity fell from 17.6% to 14.6 yoy.

The operating profit ratio fell from 11.95% to 8.25%. In terms of segment operating profit, only retail Health made a loss. PAT margins were lower from 10.25% in Dec-20 quarter to 8.24% in the Dec-21 quarter. NPM was lower sequentially.

Financial highlights for Dec-21 compared yoy and sequentially

	ICICI Lombard GI
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 3,854.14	₹ 3,058.91	26.00%	₹ 3,808.16	1.21%
Net Profit (Rs cr)	₹ 317.53	₹ 313.53	1.28%	₹ 446.67	-28.91%
Diluted EPS (Rs)	₹ 6.44	₹ 6.87		₹ 9.06
Net Margins	8.24%	10.25%		11.73%