ICICI Lombard GI Q2FY23 PAT up 32.21% at Rs590.53cr as gross direct premium grows by 17.2%

19 Oct 2022 , 08:24 PM

ICICI Lombard GI reported 18.14% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs4,499cr. Sequential revenues were up 13.09%.

Gross Direct Premium Income (GDPI) for the first half was 22.6% higher at Rs105.55 billion. Second quarter GDPI was up 17%. This is much higher than the industry average of 10%.

The capital gains were low in the current quarter but even the loss impairment of the portfolio was much lesser.

In the first half of FY23, the return on average equity (ROAE) surged by 470 basis from 15.2% to 19.9% on yoy basis. Solvency ratio at 2.47 was lower than 2.61 last year.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 32.21% at Rs590.53 crore while the profits were up 85.10% sequentially.

The board has declared an interim dividend of Rs4.50 per share. The combined ratio in the quarter has been stable at around 105.1%. The operating profits for the quarter stood at 13.3%.

Net margins came in at 13.13% for Q2FY23 as compared to 11.73% in the year ago quarter and 8.02% in the sequential June 2022 quarter.

Financial highlights for Sep-22 compared yoy and sequentially

	ICICI Lombard
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 4,499.03	₹ 3,808.16	18.14%	₹ 3,978.29	13.09%
Net Profit (Rs cr)	₹ 590.53	₹ 446.67	32.21%	₹ 319.03	85.10%
Diluted EPS (Rs)	₹ 12.00	₹ 9.06		₹ 7.09
Net Margins	13.13%	11.73%		8.02%