ICICI Lombard FY2023 Results: Profit After Tax (PAT) grows at 36% to Rs. 17.29 billion
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Gross Direct PremiumIncome (GDPI)of the Company stood at ?210.25 billion in FY2023 compared to ? 179.77 billion in FY2022, a growth of 17.0% which washigher than the industry growth of 16.4%.
GDPI of the Company was at ?49.77 billion in Q4FY2023 as against ?46.66 billion in Q4FY2022, a growth of 6.7% as against the industry growth of 16.9%.
Combined ratio stood at 104.5% in FY2023 compared to 108.8% in FY2022
Combined ratio stood at 104.2% in Q4 FY2023 compared to103.2% in Q4 FY2022.
Profit be foretax (PBT) grew by 25.5% to ?21.13billion in FY2023 compared to? 16.84 billion in FY2022, where as PBT grew by 39.5% to ?5.73 billion in Q4 FY2023 as against ?4.10 billion in Q4 FY2022.
Capital gains were at ? 4.53 billion in FY2023 compared to ? 7.38 billion in FY2022. Capital gains were at ? 1.59 billion in Q4 FY2023 as against ?1.36 billion in Q4 FY2022.
Consequently, Profit after tax (PAT) grew by 36.0% to ? 17.29 billion in FY 2023 compared to ?12.71 billion in FY 2022. PAT includes reversal of tax provision of ?1.28 billion in Q2 FY 2023
PAT grew by 39.8% to ?4.37 billion in Q4 FY 2023 as against ?3.13 billion in Q4 FY 2022.
The Board of Directors of the Company has proposed final dividend of ?5.50pershare for FY 2023. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.The overall dividend for FY 2023 including proposed final dividend is?10.00 per share.
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